Hey, I see your point, but personally I'd rather not have such a "dangerous" button on some hotkey by default. You may say, it's complicated enough. Perhaps. Hmm, now thinking about it, a safety-question "Are you really sure you want to delete all your history, cookies, etc.??" wouldn't be bad... Although, the people who actually use this, would probably prefer an instant button (as today) ;-)
Btw, have you switched on the Privacy Bar? There's this button too, am just not sure if it's hidden or shown by default. When playing around with this bar and testing stuff, I occasionally hit this thing accidentally, and oops -sh...t!! Now I leave it hidden, LOL!
Tastes are different, and sub-sub-menus certainly complicated, but all those buttons are right at my fingertips
This bar should be enabled by default!