It's so exciting to see so much enthusiasm around elgg and the sharing of so many great plugins. I feel this really ramped up since the recent move to elgg.org for the user/developer community.
With so many great plugins that place a button in the toolbar, real estate up there can be pretty tight and I'm not sure how scaleable ultimately the toolbar will be as elgg becomes even more fully featured.
This is something for the big guys to think about longer term in terms of navigation, but in the short term:
How does one change the text in the buttons, say for example, if one wanted to take the word "Your" out of each of them. This would free up significant space.

Comments
They are in the individual module lib.php files. I took out the Your and conserved about 40% of the space. I also installed the folio plugin and disabled the dashboard button, which is not necessary given folio's activity button.
Yes, if you have too many buttons the Admin links will wrap down a line but will not be visible because the toolbar remains a constant height. This is relevant for users who are on the smaller end of screen resolution.