Admin menu proposal: make it a separate block and make it dynamic

I cross-posted this to the usability thread: 
http://drupal.org/node/view/4119

Thinking about this issue, I was wondering what people thought about 
making the admin module a separate block rather then integrating it 
with the user navigation. This would eliminate one click. The more I 
think about this, the more I think I am also in favor of making the 
menu dynamic rather than static. As a system/application menu, it 
should offer quick access to any of the deeply nested functions for the 
system.

Pros / Cons?

-Michael
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