I just did this for my business (non-pizza) and it was a huge success! I gave general directions and they submitted designs, then adjusted by my feedback. Cost was just over $200 and logo is in seven different formats. Came up with something totally different than I thought I wanted.
I’m doing the logo tournament for my startup shop right now and am very impressed so far. I’d like to have all the opinions I can so if you guys have an opinion (even if it’s just “I like #6”) it would be useful. The more input the better, right?