Personally i use a vertical interface, but after switching to the horizonal interface i can see why this might feel a little bloated to you. In the vertical interface the toolbar/addressbar/infobar for each side share a horizonal space, however in the horizonal interface they do not, which means they take up twice as much space on the screen. This leaves a significantly less amount of screen space for the file/directory listing.
I could definately see myself disliking the horizonal interface for that sole reason, if i were to use it.
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