The way I look at it is, it shouldn't be on all the time and only engaged when needed.
So an On/Off icon does seem like a good idea, however, im not sure the sense it makes considering Ripple editing should be something turned on for use and then turned off when finished.
 
In other words, you should know when its on and not need a icon.
Because you engaged it for a reason.

I think icon can easily be lost out of sight. Changed cursor when hovering over clips would be a lot more informative.

Or both...hover over is easy to program.

+1 would be so useful indeed

+1 here

+1 from me.
 
My suggestion is to add another row of icons to the Mix module in the Control Bar. Here's a quick 5 minute mockup:
 

 
So the top one is an icon showing the state of the crossfade menu. Long-click would bring up default types (linear, slow in / fast out, etc.). Off is disabled.
 
The next one is the ripple editing. Off is disabled. Long-clicking would bring up a menu to change between ripple selected and ripple all.
 
No idea what to put on that bottom blank icon yet. I'm sure there's something in a menu I'd like to have a visual cue from.
 
In both of those cases, the icon would change to whatever mode is selected.
 
Handy because this module could be hidden if it's cluttering up too much, or if you could set a view (small, auto, etc.) where the new row of icons could be hidden, for people who like it how it is.
 
Best of both worlds, and for people like me who prefer to have stuff there at a glace, no menu digging.

Lord Tim
+1 from me.
 
My suggestion is to add another row of icons to the Mix module in the Control Bar. Here's a quick 5 minute mockup:
 

 
So the top one is an icon showing the state of the crossfade menu. Long-click would bring up default types (linear, slow in / fast out, etc.). Off is disabled.
 
The next one is the ripple editing. Off is disabled. Long-clicking would bring up a menu to change between ripple selected and ripple all.
 
No idea what to put on that bottom blank icon yet. I'm sure there's something in a menu I'd like to have a visual cue from.
 
In both of those cases, the icon would change to whatever mode is selected.
 
Handy because this module could be hidden if it's cluttering up too much, or if you could set a view (small, auto, etc.) where the new row of icons could be hidden, for people who like it how it is.
 
Best of both worlds, and for people like me who prefer to have stuff there at a glace, no menu digging.

Now that's a good idea 
+1

+1

While in theory I agree, and certainly wouldn't mind if there was some kind of obvious indicator, in practice Chuck is right - it's something you turn on, do your edit, and turn off. Before I got into the habit of doing that, I ran into problems doing ripple editing in Vegas, and its little icon being illuminated wasn't sufficiently rude to get my attention. 
 
Maybe there should be an option to trigger ripple editing with a momentary footswitch 

Perhaps have it appear as a right click option (Ripple Delete Selected/Ripple Delete All), for one time firing, instead of being a "mode".  I'll admit I was confused thinking it should be on the edit menu or right click menu and couldn't find it.