Matt - I don't know about you, but I want to have one hand on the primary input device at all times (i.e. on the mouse). The NuLOOQ doesn't help to access menus and sub-menus really, it is more for navigation (panning and zooming) and has 5 customizable buttons and the possibility to use it as a dial, like an iPod wheel. Unfortunately the Windows drivers don't, at this time, provide any really good integration into Illy - they have a thing for Photoshop though, where you can adjust the brush sizes on the fly using the dial.
Hans, I was thinking the same thing - I posted about that in the other thread - the one that started with the 3d navigation device.