Because there have been a number of requests for a VU meter component, and because I really needed a good one for my current project, I've created this component that lets you easily add meters. You have your choice of Vertical style, Horizontal style, and traditional Analog style. The Vertical/Horizontal meters can be smooth or segmented, while the Analog meter uses a simple gradient for the wiper along with an arrow type needle.
The Analog meter component now contains graphical goodness, so you can create your own analog meters, complete with overlays. The paint method leaves a little to be desired since it blindly repaints the entire component upon each repaint. This can take up quite a bit of CPU usage for large meters, so be aware of this when you layout your design.