UPDATE:
After Google I/O 2015, you can use the Design Support Library to achieve the material design views such as the Floating Action Button (FAB). The Toolbar would still be created using the v7 Support Library as shown below.
Designing the Toolbar:
Looking at these specifications and guidelines from Google, I managed to setup my extended Toolbar how I wanted using the correct specifications and measurements.
In my case, I was using Fragments to change the main content (where the Views inside the extended Toolbar would also be different), so I had a layout file for the activity, and different layout files for my other fragments. The layout of my main activity was:
<RelativeLayout
xmlns:android="http://schemas.android.com/apk/res/android"
android:layout_width="match_parent"
android:layout_height="match_parent">
<include android:id="@+id/main_toolbar" layout="@layout/toolbar" />
<FrameLayout
android:id="@+id/main_content"
android:layout_width="match_parent"
android:layout_height="match_parent"
android:layout_below="@id/main_toolbar" />
</RelativeLayout>
The @layout/toolbar simply referred to the following layout (the layout I was using for a standard Toolbar (i.e. of normal height, just like an ActionBar)):
<?xml version="1.0" encoding="utf-8"?>
<android.support.v7.widget.Toolbar
xmlns:android="http://schemas.android.com/apk/res/android"
xmlns:app="http://schemas.android.com/apk/res-auto"
android:id="@+id/toolbar"
android:layout_height="wrap_content"
android:layout_width="match_parent"
android:minHeight="?attr/actionBarSize"
android:background="?attr/colorPrimary"
app:theme="@style/ThemeOverlay.AppCompat.Dark.ActionBar"
app:popupTheme="@style/ThemeOverlay.AppCompat.Light" />
And the content in the FrameLayout (in the layout for the main activity) would be changed in Java. One of my fragments needed two Spinners and I wanted to embed these into an extended Toolbar. The Toolbar, conveniently, can be used as a ViewGroup, so I created and used the following layout for one of my fragments:
<RelativeLayout xmlns:android="http://schemas.android.com/apk/res/android"
xmlns:tools="http://schemas.android.com/tools"
android:layout_width="match_parent"
android:layout_height="match_parent" >
<android.support.v7.widget.Toolbar
xmlns:app="http://schemas.android.com/apk/res-auto"
android:id="@+id/extended_toolbar"
android:layout_height="wrap_content"
android:layout_width="match_parent"
android:minHeight="?attr/actionBarSize"
android:background="?attr/colorPrimary"
app:contentInsetStart="72dp"
app:contentInsetEnd="16dp"
app:theme="@style/ThemeOverlay.AppCompat.Dark.ActionBar"
app:popupTheme="@style/ThemeOverlay.AppCompat.Light" >
<LinearLayout
android:orientation="vertical"
android:layout_width="match_parent"
android:layout_height="match_parent"
android:gravity="bottom|center_horizontal"
app:popupTheme="@style/ThemeOverlay.AppCompat.Light" >
<include layout="@layout/toolbar_space_margin" />
<Spinner
android:id="@+id/spinner_one"
android:layout_width="match_parent"
android:layout_height="wrap_content"/>
<Spinner
android:id="@+id/spinner_two
android:layout_width="match_parent"
android:layout_height="wrap_content"
android:layout_marginTop="8dp"/>
<include layout="@layout/toolbar_space_margin" />
</LinearLayout>
</android.support.v7.widget.Toolbar>
<ScrollView
android:layout_width="match_parent"
android:layout_height="wrap_content"
android:layout_below="@id/extended_toolbar" >
<!-- The main content of that activity layout -->
</ScrollView>
</RelativeLayout>
The ?attr/colorPrimary refers to the primary colour (colorPrimary), which I defined in styles.xml. The two attributes contentInsetStart and contentInsetEnd I think are like padding for the Toolbar. This means that the LinearLayout will be 72dp from the left edge of the Toolbar and will be also 16dp from the right edge of it. Also, I had referenced twice @layout/toolbar_space_margin which was the basically an empty view I had used for the top and bottom margins:
<?xml version="1.0" encoding="utf-8"?>
<Space
xmlns:android="http://schemas.android.com/apk/res/android"
android:layout_width="match_parent"
android:layout_height="16dp" />
Using Floating Action Buttons:
As for using Floating Action Buttons, I found various tutorials and a Stack Overflow post about this, so I used those. I should've researched that part of the question a little better...
I hope others who came across this issue with design will find this answer useful.