Does look pretty cool. Some of the features have already been added to Windows 7, but not all. That said, I'm unaware of any similar app. You could try installing on a test system just to see if it'll work with Windows 7. It says it works on Vista, so you may get lucky.
Post back if you try that.
On top of that there may be a tutorial here that has directions on similar customization of the taskbar. In fact I think I saw that program listed in one of the tutorials. Although it may have been referenced in a post appended to the tuturial. I'll see if I can find it.