Joystiq has posted an interview with Adam Meyer, the winner of 2K Games' cover art contest for the Limited Edition version of BioShock. If you're interested in art design, you might want to read through the interview for some pointers:
Q: How did you come up with the logo? What were you trying to convey thematically?
A: The first thing I did is what I do with all my jobs: research. I looked through BioShock's website trying to figure out what they were going for, then of course did some research on the art deco style used in the game. Then it was just a matter of figuring out something that (1) Could be possible to be embossed (i.e. something relatively simple) (2) Something that was marketable, and (3) Something that fit the themes of the game. Hence the art deco style combined with rusted metal, water spots, and they ever-popular rivets. I can't see rivets without thinking of underwater.