@mGalaxy:
First and foremost, yours has ended up being the frontend that all others get compared to for use on my cabinet. Which has given me a bit of free space to work with since that became so...

AND, I think there has been a lacking amount of feedback regarding how pleasant it is to have Runway to work with, especially having it packed in by default.
Now, getting to the thread at hand, the idea being suggested here was exactly what I was thinking of suggesting as a feature for 1.3 after replacing the default mg_noscreen.png file the other day to have the custom marquee for my cabinet there instead. I can't say enough times that this is a good idea and an excellent approach to accomplishing customizable layout while retaining simplicity.
While layouts are being discussed, I think it should also be noted that, while preserving simplicity, another nice addition would be to have a vertical orientation option as well, for those of us with rotated screens (I play a lot of shooters). I have a couple ideas for layout features as well, if anyone has an interest in them.
@Zed:
Pretty nice mock-up. I like the style and especially the slightly rotated preview snap. Would it be possible to take that one and possibly show what it would look like with a flat snapshot presentation? I only ask because I think it might be slightly more in line with what we can expect to see with the finished product of this feature.
Those closer to the source code for this may feel more than free to correct me if I've misinterpreted the intended end result of this feature.