Google begin testing an "unified menu" in the latest Chromium and Google Chrome dev builds, which includes most of the options that were available in the page and tools menus. And, takes up less space, is less complex and therefore it reduces the clutter.
If you've a recent Chromium build or Google Chrome dev channel, you can enable this feature by adding a command-line flag to the desktop shortcut: --new-wrench-menu.
To make the menu more compact, Google uses a single menu item for cut, copy, paste and another menu item that combines zoom options with full-screen.
Opera already uses an unified menu that replaces the menu bar, while Firefox 4 will include a single menu button.