For folks that come across this thread, I threw together a gist that shows how one can easily remove the menu for users that do not have the ‘edit_posts’ capability in a simple plugin. To install, I would create a file in mu-plugins named jetpack-tweaks.php and add the code. While there is a chance that this tweak could break after an upgrade, it is unlikely and won’t negatively impact your site.
https://gist.github.com/4252178
While this will work, registered subscribers won’t be able to use Toolbar Notifications.
