This is what Apple needs to do:
Add these options to the menu for home button double tap shortcuts. Double tap the home button, and a bubble menu pops up, like for iPod controls, that has switches for everything. Perhaps they could even add it as a triple tap? In addition, as other have mentioned, profiles would also be nice. For instance, when connected to a WIFI hotspot, it could toggle off your 3g data chip. Or perhaps it could activate the GPS only when plugged in, such as when connected to your car adapter.
Another idea that I have for activating the switches control panel is holding down on the AT&T logo for a couple seconds. This behavior would be similar to the way you hold to move icons on the home screen. In addition, you could hold down on the batter icon to bring up a battery status page. This would show the full green batter icon meter that you can only view when plugged in. It would also have a toggle for various presets to help save batter life, such as lowering the screen brightness. Apple could, perhaps, even build in a low power mode where the iPhone could only receive notifications of calls, texts, and email. No home screen, just basic functions, which is all I need when its sitting in my pocket all day. If it were only running those core functions, I bet the battery life would be better. Double clicking the power button could bring the iPhone back into normal power mode and be used as a toggle.
Just some ideas! Not sure how practical the power ones are, but the rest could easily work.