<?php

add_action('admin_bar_menu', 'customize_admin_bar', 11 );
function customize_admin_bar( $wp_admin_bar ) {

	/*
		Change "Howdy"
	*/
	//get the node that contains "howdy"
	$my_account = $wp_admin_bar->get_node('my-account');
	//change the "howdy"
	$my_account->title = str_replace( 'Howdy,', "'ello", $my_account->title );
	//remove the original node
	$wp_admin_bar->remove_node('my-account');
	//add back our modified version
	$wp_admin_bar->add_node( $my_account );
	
	/*
		Removing the "W" menu
		I have nothing against it,
		but I *never* use it
	*/
	$wp_admin_bar->remove_menu( 'wp-logo' );

	/*
		Create a "Favorites" menu
		First, just create the parent menu item
	*/
	$wp_admin_bar->add_menu( array(
		'id' => 'favorites',
		'parent'    => 'top-secondary', //puts it on the right-hand side
		'title' => 'Favorites',
	) );

	/*
		Then add links to it
		This link goes to the All Settings page,
		so only show it to users that have appropriate privileges
	*/
	if ( current_user_can( 'manage_options' ) )
	$wp_admin_bar->add_menu( array(
		'id' => 'all-settings',
		'parent'    => 'favorites',
		'title' => 'All Settings',
		'href' => admin_url('options.php')
	) );

	/*
		This one goes to the list of the current user's posts
	*/
	$wp_admin_bar->add_menu( array(
		'id' => 'my-posts',
		'parent'    => 'favorites',
		'title' => 'My Posts',
		'href' => admin_url( 'edit.php?post_type=post&author=' . get_current_user_id() )
	) );
	
}

Some time ago, I posted code that showed how to add any link to the built-in WordPress favorites menu - but that has since been removed from core.

So I've been playing around with ways to replicate this feature and otherwise customize the new Toolbar in WordPress 3.3. It's pretty neat in part because it's a permanent feature of the admin area. Since it can't be turned off (okay, maybe it can with some code - but it's not recommended) it can be a great place to stash some shortcuts. While adding things we do want, we can get rid of other things.

So in the code above, as you can see in the comments, I've changed "Howdy" removed the "W"/logo menu, and added a menu to hold my shortcuts.

Have better ideas? Let me know!