i agree Tweaker. Logos should be vector based and using less colors as possible. Those layer effects only work for web sites or tv purposes.And ps effects will make your work look cheap because everybody can use those effects. A creative logo with only 1 color is always better than a metalic, glossy, reflective, 3d, shiny logo. But it is the hard way to make a logo so ppl chose to use those effects to make it look better.
Toxic's logo can easily be converted to vectorel format and it'll still look good because of good composition and space usage etc.