I'm throwing this out in the hope that someone will pick it up and develop it. If I have the skills, I'd do it myself...
Basically, the idea is this: a second 'menu bar' which 'hijacks' all the menu extras, and can be placed anywhere on screen.
Why ? Well, if you're running at 1024x768, all these menu extras are getting overwhelming. Even if you just use a selection of the Apple provided ones, you end up with the menu extras impinging on the menu items on the left. This will only get worse in Panther if you use Fast User Switching, and have you full name in the menu bar too !
IT seems that the Menu Bar has become a kind of de-facto Control Strip replacement (I thought that was going to be the dock's job ?!) where widgets get put when nobody can think of anywhere more appropriate to put them.
If all the 'right-hand' menu items could be put into a separate pallete that could be dragged around the screen and placed where you like, it would certainly make my life easier (plus, I could run more of these menu bar items)
So, er, I guess this is really the Control Strip, only this time it's using Menu Extras instead of Control Strip Items.
So - if anyone wants to develop this - off you go!