I think I'm inclined to agree with whoever said that there is more in that little collage of random figurines than is apparent upon a first viewing.
First, that Crayola marker/wooden sculpture dealie is definitely a trebuchet (a large siege weapon that slings burning oil, large rocks, or diseased deceased animals over castle walls). Remember that Phoenix was at one time called "Fantasy Siege." Perhaps the inclusion of a siege weapon in the picture is indicative of something. (Maybe Phoenix still is a RTS game... balls...)
Second, the plastic pipe is labeled "The Shaft." I BELIEVE that "The Shaft" is one of Bungie's slang terms for the Pfhor energy staff (it's on the story page somewhere, I know). Additionally, "The Shaft" is the name of a deep, tubular, vertical tunnel in Halo's "The Silent Cartographer." Significant? Irreverant? I don't know--I'm just throwing stuff out due to sheer boredom.
After we've identified those two parts of the picture, we are left with Elmo brandishing a tube of ChapStick and the Linux penguin. That's way over my head. Can anyone else help explain this picture to me?