I've been subconsciously watching this minimization trend go by. The latest instance I've seen is in FF4, where the forward/backward button has lost its little dropdown indicator. Now you have to know it's there, and use a right click to get the list of sites.

Not being a UI/UX/UXB guy, I have to wonder if there's some magazine they or their managers all read, that had an article advocating minimalizing, 'cause there sure seems to be a bandwagon rolling through town.