The Go Launcher Dev Team has just released the Switch GOWidget which allows you to place a widget that takes up a small amount of space (say a 4x1 tile size) then tapping on the ".." icon expands it to a full size 4x4 tile size widget! This widget is similar to the Android Power widget which contains icons that allows you to quickly toggle stuff like your wifi,gps,screen brightness, etc.
The Switch GOWidget is FREE and requires the latest version of GO Launcher EX (which is also FREE) to operate. You can head on over to the Android Market link below to check it out.
Switch GOWidget (FREE) - Android Market