Our solution to the ongoing favicon dilemma is simple (the dilemma being that the SEO object is usually ignored). You create a single icon, upload it to Yabber, Yabber creates a full suite of icons, and you send the icons to your nominated website. If automation is enabled for the module, and if and when a new icon makes its way into standard practice, we'll update your website in real-time with a new icon set. Simple.
A number of options apply, and a full archive is maintained of all created icons and all records sent to your website.
Just because the icon is small is no reason not to give it some love.