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On MacOS it was a great example of the use of Fitts law, a vertically infinite target for your mouse pointer for commonly used tasks when you didn't memorize the keyboard command. But on a giant monitor it's too far away from your work. Macs, for the longest time, had 512x342, 640x480 or 512x384. It was already getting far away at 1152x882.
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Even better, Command-? opens a search menu (usually under the "Help" button) that points you at the first matching menu option (even if there's no shortcut for it). The Unity DE tried to replicate that with their HUD feature, but it wasn't universal. It's an incredible feature and I wish everyone copied it.
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Many apps these days have tabs at top like chrome or firefox and having a top panel (with or without menu bar) means you loose the useful of the fitts law for accessing the tabs of such apps.
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That's ok because in a lot of cases they also have a little border at the top that's not clickable. Nobody is thinking of Fitts law anymore.
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I can click that top border part and chrome still select the tab (tested on Windows and KDE)
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The panel itself is not the problem, it's the lack of integration with windows. In GNOME, when you maximize a window, the title bar stacks underneath the top bar. If that window also happens to have a menubar (e.g. LibreOffice) that gets stack underneath as well.

This is just a lot of wasted space and makes the menubar harder to click, compared to having the menubar at the very top, next to the screen boundary.

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I would like this feature to save screen space, but what happens when a window isn't maximised? The menu bar items get orphaned? Or you have differing behaviour?
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