Airplane mode activates itself automatically when you have disabled all radio connections on your device, so it is basically useless to have its icon in the CommManager, you can easily disable Phone, Data Connection, Wifi or whatever you have enabled to achieve the same result.

In consequence, XDA Developers have released a small patch that will remove Airplane mode from CommManager and replace it with Beam, thus offering your CommManager more functionality on a WVGA display device (could work on VGA if you pair it with Advanced Configuration tool and select the option to customize CommManager and select if from there). From now on, when you’d like to receive something via Bluetooth, you can simply enable Beam from CommManager instead of going to Start, Settings, Connections, Beam (this, in case you have it disabled by default to save your battery).