This exercise in rebranding by San Francisco based designer Alex Cornell is a great piece of thinking.
He decided to give Playboy a new more upmarket positioning, more in line with Monocle magazine as opposed to Maxim magazine.
He gives a very detailed outline to the process of his design, and I think the finished article is just great. The perfect balance of humour and heritage, keeping just enough from the original mark, whilst signaling change.
You can read his overview on ISO50 blog:
http://blog.iso50.com/2009/11/24/rebranding-playboy/
and here's Alex's own site:
http://www.alexcornell.com/
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