I like to maximize my windows, but that's because I spend 50% of dev time in Emacs. Some sort of split-screen is important for maximizing to work well. With Emacs, I never close my files. I choose between the files I want to switch to by typing the file name, and Emacs tries to find a match (sorted by recency). The effect is I can go to the files I need 90% of the time in under 3 key strokes. This is especially true for files I frequently need.
This is not to advocate Emacs (well, maybe it is pimping), but that an editor you can customize can be very helpful if you spend the time.
I use iTerm and Chrome. I put the most important tabs in the first 3 tabs, so i can cmd-{1,2,3} to access these tabs.
I use launchbar to switch between programs. I type "Em" => emacs, "Ch" => Chrome, "it" => iTerm, "iTu" => iTune. I turn off music when I need to focus.
I work both on my MacAir and my 27" iMac, and the work follow is the same (not limited by screen size). I never found the need to have dual monitors.