I continue to think it's a bad idea to integrate the connection indicators into the icon. They really aren't related. One tiny icon with FIVE different indications is simply bad UI. The problems seen above in the proposed design -- your WiFi submission looks like a couple of parentheses, totally meaningless -- ought to be a clear indication that this is not the way to go.

Also, the discussion indicates that WiFi strength is not going to be shown in the WiFi icon, which makes it less useful than the standard WiFi icon.

Furthermore: allocating space for connection indicators means that even if I turn them off, I lose horizontal resolution on the CPU meter, making it harder to read. (I need reading glasses as it is.)

I know, your argument against is, "well, I know what they all mean." That doesn't make it right. Why not just have five spots with varying colors? After all, you'd still know what they all mean.

If "saving icon space" (a not very important goal, IMNSHO) is really at issue, combine WiFi and BlueTooth into one icon, and put the battery and CPU into another. There's still a net gain of one icon slot for bluetooth users.

I really think a multi-function icon as proposed is the wrong way to go.