This view actually uses idea that I personally like better than current launch bar Run/Mode combo. There is one button with drop down, which switches the mode and launches at the same time.
Currently to do switch between debug and run there is lots of clicks in launch bar, and run button always looks like run (mode) which is confusing (it also looks like resume which is double confusing when you debugging).
The problem with having one image button for run/mode is that button is oversized, and since contributed modes would not have oversized images, the only way to paint anything mode related would be image overlay.
I also found it clumsy in lunch bar when you have to run multiple launch configurations consistently, which can be partially solved by Group Launch config, which we already have and partially by fixing drop down to have sash, so
user can change number of "last used" launch configurations
The last thing which drive me absolutely nuts is that launch bar is not context sensitive like eclipse run button. We had a big argument about it internally, and I wanted an option to be able to "sync" launch bar with selection (preference), so launch drop down would behave approximately like current run button does, by picking launch config based on current selection (as much as it can guess), so we did have this switch, but when I was on mat leave it was removed, and never made it to CDT. Currently if you have 40-50 projects in workspace trying to find launch config in this drop down is extremely painful (which would be solved by the view like in this eclipse runner or context sensitivity)