Every one of my top pages is there that I frequent. I also have my social bookmarking links in there for saving pages for later. I have my main folders there with my other Work/News/Research links in them for quick reference too.
For example, I don't need the dial telling me about HN, Reddit, ArsTech, and other tech news sites individually. At the very least, I'd like to just select news sites, and have the browser deal with it intelligently.
The dial is useful, don't get me wrong. But it's far shy of a replacement for bookmarks.
I realize I also might be the exception to the rule. =)
I'd love to see the statistics for this, but if most people, like me, only click items on the bookmarks bar upon opening a new tab, then, indeed, there is no sense in keeping it up in the toolbar by default.
To do it I now I just command-click all the bookmarks I want opened, and they open in background tabs. To do it with a hidden bookmarks bar I'd need to open a new tab first, then click.
I don’t have to worry about deleting things (old stuff just gracefully disappears to the right but is still searchable and in approximate chronological order – my bar has 201 bookmarks at the moment) and some custom ordering is possible (if something is super important I will just not put any stuff to the left of it which means it will stay where it is and not disappear).
Sure, bookmarks are searchable through the address bar but that means the approximate chronological structure gets lost. The bookmarks bar has also a reminder function. Whatever I put there I can forget because I won’t have to search for it. It will just be there. A quick glance whenever I open a window is enough to know whether there is something I absolutely wanted to check out again.
The bookmarks bar is tremendously helpful for me and I couldn’t live without it.
Re: Tabs. I like the bookmarks bar because it is a lot more persistent. After a long day with a lot of open tabs it is very easy for me to accidentally close a tab I actually wanted to read or even needed to read during my regular tab cleanups. That’s why really important stuff gets promoted to the bookmarks bar.
That’s not to say Instapaper is a bad idea, it’s just not the right thing for me. (It’s also that I’m using only one laptop and hardly ever any other computer. I can afford to save bookmarks locally but I can see how that might be a problem for others.)
That’s not a big difference but sometimes that’s enough. (There is also a ever so slight delay when loading a webpage. Native UI is just faster.)
I hide my toolbar in Opera by defeault, but I enable it when I want to use Readability or Instapaper.
Edit: Didn't see c1sc0's reply.