SharePoint 2010 and Mega Drop Down Menu Navigation (Updated with Download)

Over the past few weeks I have been looking around trying to find examples on how people have replaced the default SharePoint navigation with a mega menu style nav. These things seem to be all the rage these days so why not jump on the bandwagon.

The closest example that I could find where somebody had implemented this was a CodePlex project titled SharePoint 2010 Starter Masterpage Feature with Mega DropDown Navigation Menu. This project was actually very helpful and pointed me in the right direction. There were a few things that I wanted to improve though, one major area was around the way the menu was maintained and updated.
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