string $activePanel = `getPanel -underPointer`;
if ("" == $activePanel) 
{
	$activePanel = `getPanel -withFocus`;
}

string $mode = `modelEditor -q -displayAppearance $activePanel`;
if($mode == "boundingBox")
{
	modelEditor -e -displayAppearance wireframe $activePanel;
}
else
{
	modelEditor -e -displayAppearance boundingBox $activePanel;
}