Agreed
In Office 2003, they had sidebars despite the fact that most people had 4:3 monitors (wasted valuable horizontal real estate).
Once a lot of people had swapped to 16:9 monitors, they introduced the "Ribbon" in Office 2007 (wasted valuable vertical real estate).
As for minimising the "Ribbon", how is it any better than the menu system, if it is minimised?