It would be less convenient, but you could have different designs for different sizes so that you can have thin lines at large sizes and thick and visible lines at small sizes.
My opinion is that there are some nice designs here, but they all are over-complicated, they all contain too much detail, which prevents them from working as icons. Splash screens are a separate issue.
The diaphragm-in-the-water-drop icon above is a great idea. To make it work you would need to fatten up those lines (I’m thinking of making them triangular instead of rectangular), and perhaps change the shape of the water droplet to something more round, more comic, to reduce the vertical height. http://i.imgur.com/WsU6Pxw.png
Something similar would be definitely great for the water drop part. Anyone skilled enough for that? I’m not… 
As it happens, I have an alternate.
I’m afraid I have to call it quits, however. Here is the link to my SVG containing both versions and some other randomness.
@damonlynch Thanks for your input and encouragement. It was fun to get back in the swing of things and brush up on my Inkscape skills. 
@MLC Thanks for the SVG file!
Here is what I’ve been able to do this evening, with the idea of adding some 3D effect to the droplet+iris:
The modified SVG file is here, hopefully somebody can improve my basic attempt…
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One further attempt, starting from a freely available drop SVG file from here:
By the way, I’m learning a lot of inkscape tricks!
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I like the new shape better but the previous colors better.
Something like this?
I liked the glassy clear, deeper blue look of the one before my previous reply, it has more contrast in the mini sizes.
One more try, compared to the older one…
The main difference is the specular highlights which are sharp on the old one and soft on the newer one, and that they go light->dark->light in the old one.
One more with sharper upper reflection:
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the water drop seems to have put on a lot of weight in the last day or so 
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Imho, as a spectator, Morgins try is still the best (just my 5cents, not wanting to insult anyone). It has a simple, yet modern and very appealing look.
This is an open discussion, so do not be afraid to give your opinion 
Are you referring to this one?
Yes, that one indeed. I also showed the icons to my girlfriend who’s working in graphic design ( and who I try to convert to foss tools;)) and she favored that one as well!
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Following the droplets flow, I couldn’t resist doing my hint…
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@arctic COOOL! I really like it!
Let’s put together the more recent designs:
Personally, I like the last one the most, because of its simplicity and also the fact that it remains very readable at small sizes. For me, this is in some sense the “distilled” product of this brainstorming thread.
I’m really grateful to all of you who have spent time to help me out with the photoflow icon!
@arctic: would you mind to share the SVG file, if existing?
For sure! Here is the SVG file: 
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I found very interesting this collaborative design process!
Got it, thanks a lot!
I agree, it has been really fun to see all the ideas merging and diverging one post after the other…