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Hey Chris :)
I see the people are way excited about your logo. My opinion seems to be on the minority's site :). Well ... it happens.
I like the idea, I don't like the implementation very much and here's why:
It doesn't look real. The drop is not a drop and the glass is not a glass if you know what I mean. The drop is to filled up. Try a little experiment: Put some water in a glass and see how it looks like ... also try to create some drops when pouring it into a different recipient ... you'll see what I mean.
The logo is not web 2.0 :). It looks conservative. Web 2.0 is nothing like this. It's all about rounded corners, shadows and glossy surfaces. This: http://www.devbridge.com/ is web 2.0! (It's the most handy example, right now - didn't pick it for any other particular reason).
The font looks plain to me. ITC Franklin Gothic is not really a good representative for web 2.0. It's a really old font.
That's my own two cents. Good luck with your freelance endeavor :)

Hi Zeno. thanks for the feedback. i am thinking of making the font arial-rounded for the revised version along with an improved droplet and a level water fill. hopefully that will add some '2.0'esque. these suggestions are priceless, thanks again.