Many users of jailbreaked iPhones use application called BossPrefs. The developer of this app is creating a new one. The new application will be called SBSettings.
The toggles drop down when you swipe along the status bar. It is very fast and can be used while in any app without exiting the app. Suppose you are in Safari but realize your 3g is not yet enabled. Just swipe the statusbar and toggle 3g, than resume in Safari where you left off. The advantage is there is no need to exit Safari and load settings or bossprefs.
The look and feel of this new app will be something like this: