distributing a restricted branding icon OK?

[Gabriel Burt <gabriel.burt@gmail.com>]

We are working on an eMusic.com extension to Banshee.  They allow use
(http://www.emusic.com/affiliate/affiliate_faq.html#9) of their
unmodified logo.

Bruce said back in 2005 (on
http://lists.debian.org/debian-project/2005/08/msg00069.html):

  When creating the DFSG, I recognized, and respected, the right of authors to
  manage their own brand using trademarks, and to restrict the use of those
  trademarks in derived works as long as DFSG-compliant use of the software
  would be possible after a brand substitution.

Is changing http://www.emusic.com/favicon.ico to a PNG "modifying" it?

Assume it's not, would we be OK including that image in our Debian
package of Banshee?

Thanks,

Gabriel