I would be interested in this as well.
Currently, I have around 620px width to use in the main content section of the page. By default, the next month link text is disappearing behind the ‘Events List’ and ‘Calendar’ toggle links which makes it unreadable.
I would like to see an option to select the date formatting. As a temporary fix, I reduced the sizes of the previous and next links via CSS. However, it would be great to have control of the formatting (as well as possibly the date formatting on the dropdown list too.