Currently, it takes LabVIEW user the same amount of time to find and select
commonly used functions as ones they never touch. The function palette requires
the user to interface with all of the hundreds of functions, including the vast
majority which they do not use on a regular basis to select ones they use
often. If, for some reason, the user was working with the "NI435X
configure port in.vi" regularly, it would take clicking through 7 menus
every time they wanted to drop the block. It also makes it very difficult to find,
as there are 7 levels of places the user could go wrong trying to find it.
Example: 
Many other programs, particularly CAD and CAM, have minimized this
difficulty by allowing the user to add in customizable toolbars to his GUI.
They can be either floating or attached as well. For instance, Solidworks
allows the user to create custom interfaces which can look like this:
:

A large portion of the regularly used functions are all displayed at once on
the customized toolbars on the top. For regularly used (or self explanatory)
functions, like "multiply" in LabVIEW, no space is wasted in the description
area, and the icons can be scaled down quite a bit. For multiply, it takes the
click count from 4 to 1 (right click, programming, numeric, multiply to simply
a drag and drop). Much more time can be spent coding, instead of looking for
blocks.
Furthermore, there are many ways to customize the Solidworks GUI, which can
be seen below. The first window allows the user to select which toolbars are on
the screen, as well as set hotkeys for any action in the program, also a great
feature. The second window (from right clicking the toolbar) allows the user to
select which icons in each toolbar are actually on the screen. The toolbars can
also be dragged to various locations, be seen with -or without- large icons and
text, and be floating or attached, all great features.
.

I would love to see a labview that looked like this:

Also, Im not suggesting getting rid of the functions palette, only allowing the user to place SMALL (preferribly smaller than on the FP), perminent icons where they need them instead of only using the rather unweildy functions palette for everything.
For reference, here is a good article which covers the Solidworks Command Manager:
http://www.solidmuse.com/2008/01/customizing-the-solidworks-2008-command-manager/
Regards,
Kyle Mozdzyn
Applications Engineering
National Instruments