Oh god that's one reason why I hate the Word 07 so much.
I really don't see how 150 pixel high bar full of randomly strewn buttons is supposed to somehow be cleaner than a 70-some pixel high bar with only the buttons you need and the rest can be accessed through a dropdown.
Maybe if MS offered a choice between ribbon and regular, but personally, I wouldn't like it so much.
Quote: "It definately would reduce the amount of space for reading/writing code etc"
Exactly, it's so big that it reduces the space to do the rest of your work -- Why would anyone want this?