This is a pretty slick app. I've been using the free one for a couple weeks and have now come over to the paid version.
Basically it uses the widget system to fit four application or process shortcuts into one 1x1 space. It strips the name so you only see the icon... and it's rather tiny as you might expect.
The free app allows you to put in 3 icons and the fourth is dedicated to a 'settings' shortcut for the widget itself. It's great for freeing up space. I have one whole row dedicated to it. I get 16 shortcuts in a 4x1 space... it's great!
The paid version brings the ability to make a 2x1 and 4x1 widget.
The Free Version:
http://www.androlib.com/android.appl...dget-xjED.aspx
The Paid App ($2):
http://www.androlib.com/android.appl...dget-xjEE.aspx
There are a couple of complaints in the comments for this app, but I couldn't duplicate. This has been rock solid for me.