Displex (indicator-displex) is an application that provides similar functionality as "fusion-icon", but using an Ubuntu appindicator. It can be used to control Compiz, Emerald and the Gnome Display Manager.
You can use Displex to quickly activate / deactivate Compiz and window decorations (Metacity / Emerald), change screen orientation, toggle the Desktop icons on/off, quick access to CompizConfig Settings Manager and Emerald Theme Manager and more.
For now the applet doesn't seem to use Ubuntu Mono icons but this might be fixed in a future release (the author is still trying to figure how to do this).
Thanks to Arick McNiel-Cho for the tip!