I just made a quick mockup that reduces a little "padding" at the top if you want to call it that. No idea if something like this is easy to implement, but I think it looks a little cleaner.

http://imgur.com/GmDNV6d

Edit: I mean add the ability to move the location bar into the toolbar, not necessarily forcing this as I don't know what it would look like with other configurations/layouts, etc.