If I had to apply a rationale to the identity/name, it would something be along the lines of the universe always expanding, and the fact that 'cosmos' is a term given to the ordered universe, i.e. adding structure to chaos, a little like a designer.
Really though, the name and space theme is because I had a lot of ideas for fun I could have with the branding and website, plus I'm a massive space geek and wanted the identity to be simple and reminiscent of science diagrams. I also wanted something that could be animated in some way, should I want to mess about with HTML5/CSS3 effects.
From a design perspective, I think I prefer 1, as it's clean and to the point, plus I think it works on a couple of levels: the circular device represents both an orbit of the Os in the name, but I think also represents a planet behind the name.
I think because it's my own identity I'm fussing over it a bit too much, I should probably go with my gut and stick with that option.