With Leopard 10.5.2, the Stacks feature of the dock now has a more sensible, “List” view. Rather than the fancy “Fan” view that is nothing more than a list with icons on a curve, or the “Grid” view, which is just a grid of icons, the “List” view is a nice space-optimize list. But even better, it includes multiple levels. So if you put your Applications folder into the dock, you will be able to not only view all the applications, but also dig down into the Utilities folder as well.
Of course putting your Applications folder into the Dock and using it as a Stack was ridiculous in earlier versions of Leopard, as there were just too many items. But now it makes sense.