Tony Chor from the Internet Explorer team just posted a preview
of the updated logo and logotype for IE7. It resembles the old design, but with a sleek new modern look. Apparently the Windows Vista version will be tweaked even further, most likely to a vector-based design which will scale suitably for high-DPI displays.
UPDATE: Note the inclusion of "Windows" in the product name. Paul Thurrott says
it is a result of Microsoft's decision to halt IE development for non-Windows platforms (the Mac version).
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