Chris Pirillo notes that Microsoft has finally recognized the obvious:
The Ribbon, a new top-of-the-window feature in most of the suite’s applications -- including Word, Excel, and PowerPoint -- takes up too much space, say many beta users and reviewers . In response, the next Office 2007 update, a so-called Technical Refresh (TR), will include changes to the Ribbon. Although an undocumented - or at least unpublicized - Ctrl-F1 key combination has “collapsed” the Ribbon since the very first beta to provide more viewing and working space for documents, Microsoft program manger Jensen Harris has outlined new ways that the feature will be called in future versions.
It's a good thing that they got plenty of feedback, so that they could make this adjustment before the release, rather than afterwards.