I guess it depends upon your target market. Personally, if I saw one of these "peppers" in public, say at a gunshow, and the claim was made that it was a Spyderco, I'd probably try to defend Spyderco, saying that they would never produce something so corny, unless it was for one of those "gift bags" you get at conventions, and the convention agreed to buy a whole lot of 'em.
I won't do that now that I know better, but I won't be buying one either.
Thanks for asking our opinion, but frankly, I think BF is the wrong place to get a reliable poll on the logo'd versions. These need to be polled in the general public where more non-knifenuts and more females can chime in. That's where these will find a more receptive audience.
Now the titanium version, which I assume is the one the ATS-34 is used on, is tempting...