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As mentioned in #674, the drawer in the conversation list isn't really necessary in its current form. Why not put the conversation list itself in a drawer and remove the separate activity entirely? I coded a proof-of-concept branch and really like the result, but wanted to see what others' opinions are.
This is a rather large change, and isn't fully polished up, so I'm not opening a pull request just yet. The branch can be found here if anyone wants to see/build it. It works quite well in its current state with just a few edge cases that need to be fixed up. Import/Export and the key fingerprint views can be found at the bottom of the settings screen for now.
I agree that right now the drawer doesn't serve a majorly important purpose in the current app, and cool proof of concept!
My general vision was that as we transition toward the unified RedPhone/TextSecure app, the drawer would ultimately serve as a spot for managing things like folders and filters for archives and transport, etc. Maybe you and others can use this issue voice their opinion here to see if that's agreeable, but to me it would follow a well-known pattern for the drawer that would make it more intuitive.