Over on the Office Google Mac Blog they're calling attention to simple little application from Google Mac Team member David Phillip Oster called AppMenuBoy. Basically, it will allow you to get one click access to all your applications by clicking on its Dock icon.
David designed it to function like folders on the Dock did back in the good old Tiger days, when you could simply drag your Applications folder to the Dock to get a basic launcher. Though the 10.5.2 update improved things to some degree from the original Stacks behavior in Leopard, AppMenuBoy "shows only applications, follows aliases, and if a folder contains only an application, it silently 'hoists' that application in the menu so you don't have hierarchical menus that contain only a single icon."
AppMenuBoy is a free download from Google Code.