I was messing around in GIMP and tried my hand at making a logo... I think this one works out pretty well.
It emphasizes the "want" with a different shade, and carries over the "sy" with a nice bouncing "ball" (I suppose that's what it is). While I may be biased, I personally like it... I just can't justify the cost to have someone come in and develop something else.
I made sure the logo was pretty simple, so that it could be carried over to other objects. I also wanted to make sure the brand name was a significant part of the logo - it's easier for people to remember if your name is your logo :)
Overall, I like the color scheme and think it would work with the Wantsy site. Shades of blue are always easy on the eyes.