Well Paul has worked his magic and we now have an operational version of the new navigation bar. We wanted to give you all a little preview of how it works. You can check out a working version here: http://newschoolers.com/navbartest/navbartest.html
The major issue with this type of navigation is how easy it is to lose your spot when mousing-over the second level of links. What we've done to compensate for this is to keep the most recent sub-menu active no matter where you are on the page. This means that you can "miss" your desired link to the bottom without losing your spot.
Take it for a spin and let us know what you think...
(note: some of the submenus are still empty, and the styling has not been updated from that first mock-up I posted).