I would hope the over-the-top logowear aesthetic is part of a phase that will end soon, although I'm not getting my hopes up. No bets that what comes next will be any better, either.
The logo thing in rap music is nothing new, in fact, it's cyclical: during the late 80s, it was all the rage to have leather jackets with the big Gucci logo on the back, Cazel eyeglasses and big truck gold chains. Being a hip-hop fan for a long time, I can recall such lyrics as "but now he trucks gold and wears fly Bally boots, rough leather fashions and tuft silk suits" and gold Mercedes and Cadillac medallions. While certainly not tasteful, this new string of "Gator boots, with the pimped out Gucci suits" is nothing that hasn't been said before. As for it ending soon, my guess is that we'll see a backlash in the upcoming years, more politically conscious music (Nappy Roots = Arrested Development II?). Then, in a few more years, we'll go back to the ostentatious displays of wealth that the newly rich sometimes favor. To be honest, I'm not sure it's such a bad thing (even though their money could most likely be better spent).
As far as IMPORTANCE, the two biggest logos in the world are probably the Nike swoosh and the Ralph Lauren polo player.
In terms of apparel logos, maybe. But in the world? Nike, McDonalds and Coca-Cola.