When I sign out of logos on my ipod touch the books I have downloaded go away. When I sign back in I have to download the books again.
I cannot speak for Dave or Logos but that seems to make sense to me. I doubt this is a bug but the designed way it behaves. Why do you need to sign out anyway?
I think Kevin is right.
I change my password on logos.
Downloaded books are removed when you sign out because they are licensed to the user that was signed in.