There comes a time in a power user's life when the number of his menu bar applications exceeds the amount of real estate in the menu bar, a condition made worse by primary applications with a lot of menus. The cure for this? A handy little app, which is still undergoing testing, called Bartender.
Bartender will roll up menu bar items into one little drop-down menu bar item. That's pretty much it! You can have Bartender hide something entirely, or just pop it under the Bartender menu bar icon.
Keep in mind this is still in beta, so many of my TUAW colleagues weren't able to put system icons into Bartender, but I was. Your mileage may vary, but while the app is in beta it is basically free. You can also choose to buy it now for $7.50, which is half what it will cost when it is out of beta.
If, like me, your menu bar has exceeded the width of what your screen can handle, try Bartender. It's just what you were looking for.