It can be customised by changing the file linux_logo.h in include/linux
directory. its a c header and pretty hard to change by hand however
there is a plugin available for gimp
that
will create one for you. all you need is a picture 80x80 with less than
224 colours. you can either let the plug in create the 3 varieties
(2,16,224) or create them yourself and use them with the plug-in. it
will ask you where you want to store the file and if you are game you
can put it in ($SRCDIR)/include/linux/linux_logo.h. once that is
finished all you need to do is recompile the kernel as usual, reboot,
and if framebuffer is working you will see your new logo upon bootup.