The Age, Melbourne's newspaper is running a discussion on an icon for Docklands, that will hopefully be the envy of the world. The trouble with Melbourne is, it's not Sydney, and it has some catching up to do with the Sydney icons, which is why building a giant "M" or "Statue of Liberty Footy Player" is one way to get ahead!!
Or what about a giant "MELBOURNE" just like the HOLLYWOOD sign!! It's the same number of letters but without the hill.
It's a chance to really go for it, if that's what Melbourne wants, but how lame is the usual output of any city which tries to do something a bit different, er The Millennium Dome!
The best guiding suggestion so far is from one of the comments,
The person who suggested a design that can be quickly drawn by an eight-year-old is spot on. Sydney Opera House, Eiffel Tower, Empire State, Big Ben, all of these are easy to sketch quickly and this location deserves something that will live in the imagination.