I do think that Indiana is a good idea. The reason because I think this is because I'm a strongly community guy, and I do think that a good healthy and friendly community is the most important assent to any free software project. And I do think that Indiana is probably the best effort to achieve that inside the OpenSolaris community. It tries to adress some issues and it has a name, an identity and a direction.
This excites me because I would like to see the days when hostility between OpenSolaris and the Linux community is over (at the same time I also think that the GPLv3 would be a huge step), but at the same time, making people from the most adopted UNIX-like operating system out there comfortable on OpenSolaris would be a huge step (for both projects and the whole free software community). Lots of old-school Solaris users are afraid of a GNU/OpenSolaris thing, and neither Indiana is a GNU/OpenSolaris effort nor all GNU tools are bad as evil. But a nice text help when you use "top" trying to help users to gather the same information they expect (something like what Ubuntu does now when you type a missing command) would help a lot of people.
And the same time, it tries to let others people to make their own flavors of OpenSolaris with a low entry barrier. This is another huge point in my opinion. The easier people is able to adapt OpenSolaris for their needs, the most problems it solves, and the most adoption it gets. There are also people complaining about having too many distributions would be harmful for OpenSolaris because people wouldn't know which one to choose.
OpenSource is all about free of choice. And sure, choice have a pay, but from the mid 90's we all know what the lack of choice have done to this industry. Poeple out there have really different ways of thinking, and really different problems, let them choose. And the most important thing, make easy fo r them to work on building their own tools from yours one.
All this thing of a more affordable OpenSolaris excites me, and what do I do when I excited about something? I just draw about it. Since this is a community effort, I won't wait to anyone in Sun marketing to make a logo (sorry guys :P), so I've done my own:
Indiana was the name's of Indiana Jones' dog, and if I remember correctly, it was a Husky. The stripes is about american indian make up stripes. And the green letters, are a quite obvious easter egg. I think it needs more work, but depending on the feedback and the acceptance, I would work more on it and I will propose it as an official logo. By the way, Inkscape Powered!
P.S. Ian, you should be proud, this is the second official project with your name in it, let's hope this one is at least as successful as the first one ;)