Move the admin menu from the left of the screen to be incorporated with the admin bar. Significantly reduces the admin menu screen real estate.
Basically this was designed to work with WordPress 3.3, it sort of works in 3.2.1, but the admin bar in 3.2.1 is a little different than it is in 3.3, so it may cover up some things in the admin bar (in 3.2.1). Also, the flyouts appear a little differently in 3.2.1 than 3.3. I think they're usable, but not ideal. Again when 3.3 is officially released, this plugin will look better.
Not 100%. I have tested it in IE8, however you have to switch to be in IE8 mode, and not be in compatability mode or IE7 mode. My version of IE8 is 8.0.6001.18702. I have also tested it in: Chrome 15.0.874.106m, Firefox 6.0 + 8.0, Safari 5.0.3, I have not tested in IE9 yet.
As of v1.1 this should work in IE7, it might look a little off, but it should generally work.