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It will be great if we have an application just to showcase *all* the features of e4. It will not be a meaningful examples like the contacts/photo demo, but something like the SWT ControlExample.
Eclipse 4 in the abstract is so generic I don't know what that would look like, and don't think it would add much value. Eclipse 4 is a quite generic application platform and meaningful example applications of various kinds are more useful. You could consider the Eclipse IDE as the kitchen sink that uses everything, but it doesn't make for a good example to learn from ;)