(Click to enlarge)

We went through and discussed privately. Here's a summary.

To move...

Community billboard -> Setup
Any member icons that do not convincingly relate to security (which we are defining quite broadly as most sites are not community sites and hence adding users is usually a staff management task) should exist as independent items duplicated elsewhere on the menus.
Configure advanced banning -> Security
Comcode Safelist -> Security
Export installprofile -> Tools

To remove...

Setup / eCommerce inventory management

WILL NOT move...

Temporary usergroup memberships (it IS security for most sites)
Usergroups (")
Custom Comcode (Comcode is much more than styling, e.g. embedding maps; yes in some ideal world Emoticons and Custom Comcode would go in the same place, but that is not a primary decision factor here)
Usergroup point assignment (It's a non-bundled addon so has to be its own item)
Newsletter (Most sites will not be configuring multiple newsletters, just sending them)
Chat moderation (The content menu is the CMS zone, which is where the cms_chat module is located - because its expected moderators will use it who do not have access to the Admin Zone; you can convincingly argue chat messages are a kind of content)

Looking at members again, which is by far the trickiest.

These 5 don't very convincingly fall into 'Security'...
Merge members
Import members
Export members
Custom Profile Fields
Welcome e-mails

However, I think you can still stretch the case to merge/import/export. These are exceptional actions that directly relate to individual members, and they definitely have big security implications - so I think we can get away with calling them Security.

I don't want Welcome e-mails to have its own menu item as it is so specific (not one of our most popular features) and I do not want the menus becoming bloated. Plus you can say it's directly related to the onboarding of members, so should be with add member.

CPFs though, I will give that it's own menu item under Setup.