I believe the new manage button is giant leap forward for DNN usability and design for a number of reasons:

1. Unobtrusive - the button is position:absolute so it doesn't interfere with the static flow of the page. Absolute positioning can be problematic however (if position:relative is abused) so it may require some JS assistance to work with all skins and containers.
2. No drop downs - borrowing from the Megamenu concept (which is hotter than Hansel right now) the actions menu is mush easier to operate with all sub actions on the same level.  Even for touch interfaces, once the trigger is sort out, this will be much improved.
3. Extendibility potential - while not a part of the menu now, I can see the menu gaining more and more direct functions from the module now that the real estate is there.
4. Moveable - it can be dragged out of the way if covering another element.
5. Contextual visibility - only appears on mouse-over of the relevant pane which keeps the pages looking cleaner.

Top thinks I'd like to see:

1. Admin profile customization: allow each user to set their own preferences for how this button (and all admin interfaces for that matter) works.  EG:
   1. Hide low-usage links like help or export.
   2. Position to the left or bottom
   3. Trigger on click vs mouse over
2. Icon only. The button could take an even smaller foot print after the user knows what it's for.
3. Tablet interface - with no mouse over state on touch devices, the button is inaccessible. It needs to be accessible to touch and keyboard interfaces... and soon.
4. As mentioned above: functionality extensions.  For instance I'd like to be able to set the module title from here.

I, and my users, absolutely hate the new manage button :(  I wish I could convince myself to like it... but it's just too btrusive and it's confusing for users when there are a bunch of small modules on a single page.  Is there a way/option to revert back to the old unobtrusive downward pointing arrow? (and keep the new mega menu, which is nice).

The manage button also makes the site look sloppy.  For example, if users are used to hitting "Add Announcement" to the Announcement modules, there's now a floating ghosted manage button  constantly over the module for any user who has the ability to post an announcement.  It just looks terrible.  Technology should be getting out of the way, not in your face :)

While it might be helpful for novices who only use their site for external content.. those who use it for an "intranet" as well will probably also find the manage button exceptionally frustrating and unnecessary...