I like it (you're really good at minimalistic design, Master!), but (there's always a but), have you tried making a favicon out of it?
I tried, and it doesn't look good...
I'm attaching my current favicon, which is pretty good if I may say so myself. (Kryten's voice.)
As for the wedge's position, I was thinking, why not INSIDE? Here's a cutout version and a regular one...
As of now, I still prefer my own version, mainly because of the favicon, and also because I like the concept of Wedge as an orange wedge (an idea we're looking into reusing in the software to call boards themselves) and it also suggests a simple machine (part of a cog), while a wedge object represents nothing more than a simple machine.
Also, I like the palette I used. Colors are important.
We're onto something!
:edit: Added a lighter version of the wedge.