What about something like this? Of course, this is only about the layout, excuse the look issues. :P
I moved everything* to its own popup so there is no need for extending the menu or having a sub-menu with one element (Logout).
Wi-Fi, Bluetooth: Turn on/off, choose network/peer, and access settings.
Battery: Maybe some stats.
User: access settings, logout (alt + click)
This could use some beautification though. :P