One of the stated goals of Canonical's Ayatana project is to reduce the amount of real estate used by the systray. This was one of the rationales for the Indicator Applet introduced in Ubuntu 9.04.
In preparation for UDS Karmic I decided to take a look at my Kubuntu 9.04 systray (as well as a few systray like items that in KDE 4.2 aren't or can't be in the actual systray). It looks like this:

I also experimented with removing some of these items to see how I experienced it.
Moving from left to right:
USB stick/SD card (Device notifier) - I don't see any need for this to be on the panel/systray by default at all. Make a appearance when you've got a device to notify about.
Sound (Kmix) - I rarely need this. I've got multimedia keys on my laptop (and they work - including the notifications about volume setting). This could easily be somewhere else, less readily available. It certainly doesn't need to be visible in the systray at all times for everyone.
Display (X Resize and Rotate) - I think I've only ever used this when setting up my laptop to work with a projector. I have a vague recollection of this only being started by default as a workaround for a bug, but don't quote me on that. I definitely don't need to see it.
Passwords (Kwallet) - I am sometimes vaguely interested in if the wallet is open or not, but I virtually never click on it. Generally if something needs access to the wallet the application asks for it. No need for this on the systray.
IRC (Quassel) - I click on this on all the time. Sometimes it's just to get to IRC to see what's up, sometimes I right click on the icon to connect to Quassel's core component), and when I want to get to a channel where I was highlighted, if I don't click on the notification action, I can click on the Quassel icon to get to the correct channel quickly and easily. I would not want this to be harder to get to.
RSS (aKrogator) - I click on this pretty regularly to read feeds when I'm taking a break from working on something. This is useful. It's not just for getting to read feeds, but also for triggering manual checks for updates. I could live with this being two clicks away, but like it in the systray.
Clipboard (Klipper) - I use this all the time. It's a great thing to have and the systray is a lovely place for it.
Email (Kmail) - I use this very regularly to get to Kmail. I have a lot of windows open and finding the one that's Kmail is hard. If I can click on the systray icon and get to it, it's very handy. I do not use notifications for mail, I don't even pay much attention to the number on the icon, I mostly just need a quick way to get to kmail. If the icon weren't reliably in the systray, that would a step back for me.
Network (Plasma Widget Network Management) - I really don't care about this much beyond am I connected. I could live without seeing this if I got notified on disconnect (currenlty I just get connection notifications).
Battery (Plasma Widget Battery Monitor) - I moved the battery from the panel onto the desktop where I don't see it unless I minimize everything (i.e. almost never unless I explicitly look). I found that the battery low/battery warning notifications were generally sufficient. Until after the battery warning notification I almost never looked. Afterwards I tended to peak at it fairly regularly. Based on this, I don't see a need for direct access, just an easy way to get to it once the battery was low. For bonus points it might appear in the systray after the battery hit warning level.
So once I got through looking at what systray and systray like items I was interested in, I was left with wanting something that contained an easy way to get to the things that had been removed and this:

Jordan Mantha's message on the Ayatana mailing list is what got me thinking about this. Having looked at my own needs, despite using a different desktop environment, they appear similar. "system-to-user" indications are a fruitful place to find opportunity to reduce the footprint of systray/notification area. I'd be interested to see Ayatana take this on.