I combined a grunge version of the Ubuntu logo with the Regal Blue wallpaper I found on InterfaceLift.
If you would like different logos, different sizes, different colors, or something else, please sound off in the comments.
As always, your comments and favorites inspire me to continue onwards.
EDIT: Added 1680x1050 version and Source XCF.
(NOTE: Sorry If I mis-categorized this. The only entry suitable was MAC & PC OS, so I put it there. There is no real Linux category there, and it's weird considering MACs are technically PCs. If you have a better suggestion for where I should put this, tell me in the comments.)
updated 09.01.2011(v0.2.5) - added nautilus nav buttons trick.
updated 08.01.2011(v0.2) - theme name changed. Now you can install it without replacing original elementary - breadcrumb style changed. Now it looks like on the screenshot - fixed bug with tab border [link] - removed arrow from Main Menu applet - icon theme changed to Faenza-Cupertino by default - archive includes some panel backgrounds.