A simple logo equals a professional, memorable and dynamic logo. A logo is not exactly a testing ground for your illustration skills, it is more about design insight and presentation sense. Take a look at all the most well known brands: Nike, Apple, Fedex, etc.
Every logo has a story to tell. If you view a logo as mere artwork or a pattern of lines and/or text, you will not be able to unravel the deeper meaning behind the logo. Ideally, a good logo has two stories to tell: one, the obvious one, and second, the hidden one.
If your logo is such that it looks great on posters, but horrible on coffee mugs, it will never achieve popularity. Further more, if your logo is a slave to a color scheme. A logo should look good even if it is displayed in black and white, or a set of colors that are not part of the original or actual design.