I uninstalled IE7 within 30 minutes of installing it
Now I may not be a typical IE user, since I'm a developer, but I am more of a keyboard person than a mouse person.
Frankly, whoever it was on the IE7 design team that decided to make the address and command bars immovable should be given a good beating. And the same goes for the search box feature, which you can't hide or reposition.
In my IE6 configuration I have the menu on the top row, the next row has the tool icons (including Print Preview) and the Links bar, and the last row has the address bar and Google plug-in (for auto-complete, etc.). Using this configuration, if I get to the last link on a page one Tab keypress and I get to the address bar, another to the Google search, and then back to the page. IE7 adds another 4 or so Tab keypresses.
I agree with making the toolbars properly accessible with the keyboard, but this should be configurable (for backwards compatibility) via the Advanced Options dialog, or at least a documented registry setting for power users. The drop-down buttons are a nice idea, but I should also be able to show them all on the bar itself. The toolbar customization process is still minimalist and different to other products such as Visual Studio 2005, Visio 2003, etc.
Overall, 1 out of 5. Only recommended if you never customize IE and take what you're given.