The menulet does not show anything until there is something in your iCal nearby (either a start or the end of the event). Then it shows the event title and slowly changes its color from black to user defined (fade-in), and after the event has passed, back to black (fade-out). In addition, by hotkey you can briefly look at current time, look how long it is untill the closest event in the future (not further than a day), and switch to a real-time mode, when the menulet is indistinguishable from system clock.

• Click on event to go to iCal
• A way to specifically mark events (like, process only start date etc). Notes maybe?
• Set the interval between timer updates in Preferences (governs the smoothness of color change)
• Show date/weekday near the clock
• Make text in status bar more aesthetical
• Use sliders for intervals in Preferences?
• Set global hotkeys in Preferences
• Fix possible bug when the timer for Constant Real Time may not be initialized if the call is very close to the whole minute border

• Removed all hardcoding
• Added localization stub
• Added "Show time till closest event" and "Always real time" mode
• Placing menu item to the right of the clock

Initial version.