What is nice about Wingpanel is that it saves real-estate without compromising the functionality of the indicators.
I took some time today to fight with libindicators and fix some issues the current wingpanel. It is as a very experimental piece of software. And by no means is it the new panel.
It is just us playing with ideas. Please join the #elementary channel if you would like to improve development on this piece of art. I will leave you with some screenshots and a video.
You can get the code form lp:wingpanel