Wow, this is amazing! Working for me on stock rooted 4.0.2. Now we need an ICS Button Savior theme
This has been something ive been looking for since day one. Feels good to make use of the full screen.
Also dont forget to backup your stock framework-res.apk. I did it all with root explorer.
Its a little strange, but im going to keep using it for a while and see how it goes.