Yeah, no. The ribbon easily collapses to take the same space as the traditional menu interface when not in use, yet makes the vast majority of tools a 1-2 click affair as opposed to digging through nested menus. It's the best thing they've done to Office in years.
Everybody claims to like toolbars or tool palates, the Ribbon is just a collection of them.
I have to admit, I was prepared to hate the ribbon based on all I had heard from friends for a few years. When i had to use it I was perplexed with the issues. I had to learn where a few things moved, but overall I was fine with it.