In case somebody found new purpose to their life reading this thread, here's Jef Raskin
in a more critical mode.
The rest of the page is good reading, too. He's become a proponent of a two- button mouse lately BTW. Personally, I think the contextual menu is an improved version of the noun->verb model.
Now is there any app that mirrors the Menu Bar into the Contextual Menu? Hmm, better go search...
In practice, when you're not dragging an icon, you are about to invoke a menu command - why not pop up the menu immediately? Is one button enough anyway?
J