Just noticed a new application being part of OmniROM. It is called OmniSwitch. Quick lookup brings surprise and joy! Check it out:
OmniROM Announces OmniSwitch, An Open Source App Switcher Available In The Latest Nightly Builds And Soon As A Standalone App
It is exactly the thing I was looking for recently but have not found anything better than Elixir 2's notification toolbar. OmniSwitch is a task-switcher application. It is activated by a swipe from the edge of the screen. The swipe area is completely configurable. It displays last-used apps and enables easy switching between them, which is really handy when doing real work on your phone, like logging in to web sites or copying content between two (web) apps. In addition to recent apps, it also displays your favourite apps. The list of these is also configurable.
There is a link to home screen, task-killer, and a few more details. This is quite enough to test replacing two other apps I was using - Recent Apps and Elixir 2 (for app shortcut toolbar).
Apparently, OmniSwitch could soon be released as a separate app, which would be handy for those who are not using OmniROM.