I like the Dropbox badge and would like to suggest some tweaks for more functionality. Oftentimes I need to open a file just to see information but not to edit, while a colleague may be editing. To let them know that I do not intend to edit, and to prevent me from saving any changes, I suggest a voluntary read-only mode that can be activated from the badge.
A secondary point along the same lines is that clicking on "get latest version" should not result on a conflicted copy because the user actively clicked to refresh the file and therefore does not intend to save any changes they have made. I don't know the actual protocol for refreshing files, but from experience it seems to have resulted in unexpected conflicted copies on occasion.