Interesting idea. I like the looks fo that (except for the Google search piece... the last thing I need is one more search function taking up space). I'm normally not a big fan of toolbars in my browser. I prefer to see my web content there. In this case though it looks like the right implementation could be worth it... at least enough to make it the first add on browser toolbar I ever use.
yeah, i figured the toolbar could update its content via RSS feeds so you always have the latest content, kind of like "Latest Headlines" in Firefox that points to BBC news.