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This isn't really a new idea but a request to perfect an existing one. There are options for placing the taskbar top, bottom, left and right. However, left and right options are horrible. I can't even describe it. It's not usable at all. It's better to just try it and you will see what I mean.

Whether or not it works well depends on the widgets in use. Some are able to work fine with a vertical layout and some aren't. For example the system tray looks perfectly fine, so do application launchers. The task manager shows icons of tasks and that it acceptable given the amount of space it has been allocated. The clock isn't working too good but on the whole this is normal and expected behavior. If you have something you really believe is unacceptable can you screenshot it and explain your proposal?