Karl, the out-of-the-box mock-up looks good to me. There's not really too much to say here because (a) this isn't the area where CMS UI really ran into trouble (although, come to think of it, I don't recall seeing any sort of an interface at all for this piece in the existing CMS), and (b) this is a piece that's likely to get changed a lot by clients.
That having been said, it's a pretty clean and clear interface. It would be nice if it also could be displayed in the form of one or more portlets. Is portals integration planned as part of the out-of-the-box experience?