I'm not a big fan of these modern menus Sure they look nice, but are they easy to use? When you have more than two layers, they become very confusing. It would make the viewing area larger, though, wich I would prefer... hard to decide.
I guess, an overlay menu that only appears when needed would be a good idea. Also some options like shutter angle, resolution, etc. can be overlayed as in your example.
Just make sure that the menu looks the same all the time, no matter when and where I click on the screen. What constantly annoys me with the ribbon menus in modern software is the "context sensitivity". An item needs to be in the same place each and every time I want to access it. It mustn't jump around erratically. If this can be achieved, I'm happy. Settings screens etc. should then still be opened full screen and can block the video completely. Just a few important quick settings should be overlayed. In that case it isn't too important to have text labels, because you learn quickly the meanings of the icons.
