I made a few favicons. Getting the orange into it didn’t really work at that size. These are the finalists:
http://kaioa.com/k/jgo_favicon7.ico
http://kaioa.com/k/jgo_favicon7.ico
http://kaioa.com/k/jgo_favicon8.ico
http://kaioa.com/k/jgo_favicon8.ico
(Open both links in a new tab to check how it looks in the address bar and on tabs.)
I like 7 most, because it looks like the old one… just a bit shinier (the contrast was improved as well). Staying close to the old one is probably rather important from the brand recognition point of view. So, it’s quicker to spot for the long time users. I also like the fact that it sticks out, because it’s so small. 
I also tried all sub steps between those two extremes, but they looked somewhat indecisive.
I also tried that curvy ‘J’, but that doesn’t work well at 16x16 pixels.
