Aha! I just had a really good idea! Let's call it "Clojure folding". It's like code-folding only instead of hiding lines, you pull up all the code into one line. Some of the internals may be elided - and revealed with a tooltip.
I also like the idea of coloring the entire content of the parens, so that you can embed a large item and then clearly see that you are now back in the containing list. Indentation doesn't do a good enough job, nor do rainbow parens. Further, you'd get a good intuitive sense of place in the code if you have a consistent series of colors. Emotionally, you'd know that if you're typing read you're like 6 layers deep - and that's really deep, in the danger zone, and you probably want to pull some stuff out into definitions.
Chris Granger, feel free to include these ideas in Light Table.