My shot.
- Widget should use as much place as it is supposed to use.
- Widget should contain as little disturbing elements as possible

So, since this widget does one small (but really handy) peice of functionality - remove the title and icon, they are senseless in this case. They will just add more graphical noise to the desktop. Replace "download" and "upload" with simple small icons - it will make your widget international and save the space without sacrificing functionality.
That's all