Thanks to everyone who has posted in this thread. There is obviously a high demand for a drop down menu element and everyone's feedback is greatly appreciated. We are passing along all feedback to our product and development team to further look into this recommendation. Unfortunately there isn't an ETA yet, but they are well aware of how many people would like this functionality and are figuring out a proper course of action.
In the mean time I created a quick website for anyone that is a little comfortable with html code.
There are 4 steps you need to do in order to add drop down menus. 2 of the steps require some html editing (1 to change the color of the dropdown and the other to create the names and links for each sub menu).
Unfortunately we can't troubleshoot any issues, but please let me know if you have questions about it.
One other option as well is to make a subnavigation menu on 2nd tier pages.