Everyone should immediately check out Tagxedo.com. You can use it to create seriously stunning tag clouds based on words, shapes, or even uploaded logos. You can modify and change everything. including color, font, text direction, and what words are used/skipped. You can even have it pull words from a website, like I did here. Here's another Dastardly Report logo in black. Awesome, eh? The site uses Silverlight, which may upset some (I personally like Silverlight just fine), but if you're bothered, you should read the creator's FAQ about why he chose Silverlight.
Definitely head over and take a look while it's still in free beta, as some features will be going paid only once the beta is over.