We already have been in business for many years now and have an established brand and a logo (please check the site http://www.sharepoint-videos.com. I have also uploaded a copy of the logo with this post)
What we need now is a favicon that can identify our site uniquely. So for example, Wikipedia has the distinguishable W, facebook has f, twitter has the f and also the bird icon that's sometimes seen.
My opinion is that to describe our site, one letter is not going to be enough (but I'm open to ideas). Current thought is maybe 'SPV' that would stand for SharePoint-Videos. Although, It doesn't have to be letters at all, it can be some other distinguishable icon that can help our brand stand out.
The intention is to use it as the site favicon, use it in pamphlets, thumbnails, our twitter profile, etc.