I'm mainly concerned about the effect the tagline will have on people who are interested or potentially interested in refining human rationality. I'm not sure that there's a better way to attract people than advertizing that this is actually what we're about.
Concerning Less Wrong's tagline, consider this plausible reaction of someone looking at LW for the first time:
And here are two real quotes from 2009:
And in reply:
The quoted text speaks for itself really. So therefore I think LW's admins/web designers should seriously consider replacing the rationality tagline with something more savory.