1) You should be able to click on the label and bring up the NoScript options menu just like you clicked on the NoScript icon.
2) The text should be color coded (and optionally bold for readability): green = all allowed, yellow = some allowed/some forbidden, red = all forbidden.
3) Is there any reason the label text has extra spacing between itself and the NoScript icon? My FireBug and NoScript icons are closer together and they are unrelated. The Status Bar Label should be closer to the NoScript icon since it is related, no?
4) The current text is "Scripts Currently Forbidden | <SCRIPT>: # | <OBJECT>: #". The text should be less verbose and less obtuse (only web-heads know about the <SCRIPT> and <OBJECT> tags). I'd like to see something simple like "Scripts # of #". The same would go for objects, but you only show the script or object info if scripts or objects are present. Some examples are "Scripts 5 of 10" for a page with no objects, "Objects 0 of 1" for a page with no scripts, and "Scripts 5 of 10, Objects 0 of 1" for a page with both. The labels could be even shorter, but I think that'd be overkill for casual users.
If the Status Bar Label had improvements like this, then I could disable the pop-up warning and rely on it. That'd make me a happier NoScript camper.

Thanks,
-Foam