Introducing the Ribbon Workbench Tool which can be downloaded from here. This solution appears to support a lot more configuration options than the aforementioned solution. Suffice it to say, I think an image is the best way to encapsulate the myriad configuration options provided by this tool.
Although I should say that for simple application ribbon modifications, the original Visual Ribbon Editor has proved to be a very simple tool to use so I can certainly still see myself using that option on occasion. But for scenarios involving more complex configuration requirements, such as the need to configure sub-menus (using "FlyoutAnchors") I think this is the tool that I'll be using.
Kudos to the developer.