This logo will be used in the site's header (with the site name), in an upcoming iPhone application, and shrunk down into a 16px favicon. The logo (without text) should fit nicely into a square, so I can use it as a favicon and throughout the website. The biggest obstacle is that the text "FellowFishermen.com" is very long, so you should find a way for the logo to look good next to or around the title, as well as by itself.
Most fishing logos out there are the classic fish wrapped around in a semi-circle with the tail flipped back. This could be the best route since it will fit in a square, but you might also want to explore other ideas or metaphors for the site. It is a community based site (similar to Facebook or MySpace), allows users to add catches, browse maps to see where fish are being caught, share photos and videos, is integrated with Twitter, etc. Soon it will be integrated with Facebook and will have an iPhone app, and will have lots of fishing info for beginners and seasoned fishermen, forums, classifieds, and more.
That being said, you may want to see how you could incorporate the technologies, site features, or Web 2.0 nature into the logo. Community, sharing, etc. I'm not entirely sure which direction the logo should go, but I'm very excited about this so I'll be keeping a close eye on the contest and giving lots of feedback.
Thanks and good luck!