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The reality behind the mysterious Bungie Aerospace and its logo are now revealed on Bungie.net-- it's a new venture to "help independent developers create brilliant mobile and social games."
First up will be a project with Harebrained Schemes, headed by Jordan Weisman of I Love Bees fame, and will be called Crimson (not to be confused with Certain Affinity's upcoming XBLA hack-and-slash, Crimson Alliance). Crimson is due out this summer for iOS and Android. The phrases "briny waves" and "salty taste" used in association with Crimson, as well as the skull in the logo, might indicate a pirate theme, or at least a marine one. Pimps at Sea, anyone?
UPDATE: More articles about Bungie Aerospace at IGN, Kotaku, and Gamasutra.
So Bungie has filed an application for a trademark on "Bungie Aerospace" with the accompanying image. The application is classified as various things somehow related to computer gaming (which is not particularly surprising) and accompanied by the image you see here.
Attackofthefanboy noticed the application and it was reposted at the website of Blast magazine in Boston.