I did actually spend 3 days in contemplation of how I wanted to present the bottle/label... specifically my idea was to bring the "pixelated" style label together with the wire-frame effect of the grid to represent a wireframe render commonly done in 3d programs, to represent the 3d artists facet of the competition. I understand that it significantly narrows the demographic, but it just felt like the correct route given my abilities/inspiration.
I've spent a few days ironing this out... trying to get the right balance between the semi-transparent pixelation of the waves and the wireframe.
As well the reflections and transparency make for longer renders...making this all a little tedious... but I really felt I had something to offer here, so I'd say this is after about a solid 6 to 8 hours of work.
Your comments are very valuable and I'd appreciate any thoughts any of you might care to share on the design or presentation.