I always thought the mountains, waves and palm trees represented different parts of the world that you could vacation at with DVC.
And technically it is a "mark" not a "logo" (sorry about that, but as a Graphic Design teacher it is a little pet peeve of mine, and I make my students put a quarter into a can everytime one of them calls a "mark" a "logo").
I agree that it is meant to represent the different vacations you can take with DVC. Waves for cruising and beach vacations, palm trees for Florida, Hawaii and other island trips and the mountains for those ski trips. The DVC "sun" shining over it all.
I always wondered where that third mountain went. I thought they used it to fill in the land before they built BWV.
I never remember a boat being on the DVC mark! But the mountains where originally purple, then for a time they became red, now they our back to purple!