Okay, what's this all about? Well, on my site, below where the webring banner is, is my disclaimer, and there's a prominent bit about respecting the rights of other artists. This includes their copyrighted material and trademarked images. Hate to break this to everyone, but the Cosette-head logo with the flag and everything is a trademarked image of Cameron Mackintosh Ltd. It is for me unethical to display this on my page, because it assumes a connection to the musical (which I have not) as well as lends an "authenticity" that I cannot claim. My website has precious little to do with the musical (and don't get me wrong, I really do like the musical, but that's not what I'm doing here). And it certainly has no ties to Cameron Mackintosh etc. In fact, it is ILLEGAL to use that logo without the accompanying trademark symbol that is prominently displayed on all "official" images (generally it says ©CMOS 1986, just below and to the right of the image). And if you really really want to be sticklers for it, the words Les Misérables in the Caslon Antique font are also a trademarked image, in the same way that the words "Coca-Cola" in the scrawly font are owned by Coca-Cola; since the webring banner says "Les Mis" it's not an infringement because the usage must be exact. So, that is why I have doctored my webring image in the manner you saw.
I can't tell anyone else what to do with their websites, but I can tell you that Cameron Mackintosh has every right to sue the pants off anyone using his registered trademark. I doubt he will (Rule Number One of Good Public Relations is Don't Piss Off The Paying Customers), but he can, just as I can sue the pants off anyone using anything I have created. This is an important part of creator's rights. This is how R. Crumb lost the rights to his famous "Keep On Truckin'" artwork, because one person ripped it off, and went unchallenged. If one person is allowed to use another's work with impunity, it becomes what is known as a "let-lease"; basically, the argument is as follows: your neighbor cuts across your yard every morning. Finally after a year you take him to court for trespassing. The judge will rule against you, because you had the right to keep him off your property a year ago and did not exercise that right, therefore you granted him an unspoken permission to go on doing what he did. Fair? Depends on who's talking. But perfectly legal.
That said, since I created the artwork that's in place of the Cosette logo on the banner on my site, and that artwork belongs to me, I'm making this one exception: anyone who wants to use the Cosette-free logo on their websites in conjunction with the ring (assuming you are already a part of the ring; you will have to contact them if you are not) may copy it off my page and put it on their own. The webring administrator may have a problem with this, but I figure so long as the buttons go where they're supposed to go and proper listings are maintained, and there's nothing discomfiting about the changes I've made to it, it's really not an issue.
Of course, you may disagree with me, and that's your right. But considering that the major theme of Les Misérables is, "do what you feel to be right, regardless of what others think", I think I can carve out this one little corner of the barricade and plant my flag here.