This is easy enough to get exactly the way you want it without having to wait for Microsoft to fix.
In registry on a Windows 7 system -
Computer>HKEY_CLASSES_ROOT>Local Settings>MuiCache>3E>52C64B7E
Just search for "Balanced" and rename it to whatever you want
So if you think the Balanced Option is useless like most people outside of Redmond, WA - Then rename it to "Power Saver" or whatever you like.
Then go into the Power Options and adjust all the power settings (including Advanced) for the newly labeled setting.
Now you have the 2 settings you want, (1)Power Saver, and (2) Performance that appear in the System Tray for quick switching on the fly.
EDIT: When you look at the registry string available in that Hive, it appears as if when you rename "Balanced" you might just be able to change the string value where it lists "@%SystemRoot%\system32\powrprof.dll,-15" from "-15" to "-11" which is the original
"Power Saver" setting and then bypass the need to then go adjust the settings in Power Options.
I haven't tested this but appears to potentially be an option. Someone who has time give it a go and report back with the results.
If this is the fix, the I could run a script in my Domain that fixes this key for all my Win 7 Laptops and then I wouldn't have to wait for Microsoft or any of their incompetent certified moderators to tell us what isn't possible.
If anything should be changed in Win 7, it would be to bring back the GUI search capabilities that existed with XP or Vista. To remove the Search GUI options is completely ignorant. What are you saving me kb's Microsoft??? Good grief some people have no
understanding of design demographics. Think about my mom here, let her search for files occasionally without having to know *, <, >, syntax.