When clicking the "More Options" text the options panel correctly appears and disappears, and the icon on the left changes accordingly.

However, if you hove over the icon itself, although the mouse cursor changes to a hand to indicate that the icon is clickable, in actual fact it isn't - clicking does nothing in either state. (At least not in IE7, I can't test on anything else here at work)

It's reasonable / intuitive to want to be able to click the icon, so the suggested fix is simply to ensure that it behaves as expected, i.e. sharing the click functionality to the icon as already present on the "More Options" text.