In many applications with a toolbar, you can right-click the toolbar to customize it (rearrange where the controls are). You can also add/remove control text/icons, and you can select "use small size" (Disk Utility is a reasonable implementation of the features mentioned - some lack the use-small-size option). There's also a hide option, though that doesn't seem useful in this situation.
It'd be nice on small-screen devices (like my MBA) to be able to reduce the toolbar size some.
Comments
We're already working on a
We're already working on a Yosemite-style unified toolbar/titlebar (Pro). That will save some screen space. If customizability is still important to you, we can split that off into another feature request.