and mode switch icon can hold the rest modes: timer, face camera, panorama, zsl...
The idea is that to my mind video and image modes are the most 'popular' and the other modes are like additional.
Another suggestion: what about making the icon under the shutter customizable (user can choose the mode in settings, other modes (or just all possible modes) would be grouped in that icon on the toolbar)? Perhaps it's not so easy to implement, but it seems, it has sense after all.
EDIT: MSameer, you don't need to hurry. I just didn't know that you already have this in your 'to-do'