I personally prefer the current logo due to my OCD about letter placement and whatnot. As the two are now, I feel that the current logo flows with the top of the page better than the new one would. I also think that there should be a more bold change for it, as I found them to be too similar.
They are both fine and well, but not too much change, I personally find Zelda dungeons logo quite lacking in all honesty, it's not really distinctive, eye catching or sexy. Kind of just fades into the background. Maybe instead it could have some red curtains, some llamas coming out of the letter O and-
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I prefer the placement of the first one, but the letters are a lot sharper and more clear in the second one. So probably the second one overall, if I actually had to pick, but, I wouldn't really mind either. It's not like I stare at the logo afterall, I know what website I'm on.
I prefer the current one because of the horizontal ".net". Make it horizontal on the new one and it will be awsome.
Or just remove the ".net" part from it at all. In my opinion, it does not go well with a name. Still, it's an amazing work!
I... think that with the announcement of the new Legend of Zelda 3DS game, the site will likely get a new layout here soon so that it can be implemented into the top navigation bar. It has been done in the past with the new titles being announced so that we can provide as much coverage as possible with our limited knowledge. That being said, usually that involves a modification of the logo sported on the theme--if you look through the site's history, you can see this is evident.
There once was a forum logo design contest way-back-when shortly after the vBulletin 4 upgrade (I actually recovered the winning logo which is now in use on the brown forum skin), so I suppose there could be something similar to this if the site's new design needed some inspiration. But being the approximate end of the current Zelda Dungeon layout's life, I don't think it would be necessary to make changes to it.
I prefer the first one. In my opinion, if we have to change it, change it big. The ".net" on the second one throws me off, and I'm not a big fan of vertical text despite my working in a library. I thought about something like this, and it came out a big, pencilled loopy mess on my paper. I'm not dissing our logo here, but I think that we should change it to something a little fancier. That's just my opinion.