Never being the fan of the bookmarks toolbar in any browser, the first thing I wanted to do in FF3 (or FF4) was to remove it. Here are a couple of ways that toolbars can be hidden in this new version of firefox. This article has been updated for the new release of Firefox 4.
Screen real estate is vital to me. Excessive toolbars in the browser decreases the amount of viewing area. Okay, so I occasionally use the toolbar for my high res youtube bookmarklet… but most of the time I want as few toolbars as possible.
Anyway, here is how to remove toolbars in Firefox 3 or Firefox 4. There are two easy ways.
Click the View menu -> select Toolbars -> then select which toolbars you want to be enabled or disabled.
Alternatively, you can right click on some areas of the toolbars and get the toolbar selection menu from the context menu that appears.
Where to click is not always consistent. For example, clicking the HOME link in the bookmarks toolbar will show this menu. Clicking any of the other links will not.
Here is a screencast demonstrating this tutorial.