I "Stumbled" across this (hint hint Firefox users) and thought it was pretty interesting.
Kind of teaches a bit of a lesson too. This design firm created 200 different logos and concepts before whittling it down to the right direction and then still had several revisions of the top concepts. Design (for commercial use at least) is almost never a 1 cut process, most good designs can be improved if you take a step back from it and re-work things.
Anyway, here's the article. Enjoy:
The FedEx Logo and its designer