I personally love it. Gets the tabs and the URL bar out of the way of whatever I am doing. And yes swiping up the page expands it again.
On my iPad Mini the swiping doesn't bring back the tabs. I just found out I have to tap the top of the screen. But sometimes it dóes, which makes my iPad unpredictable and unreliable.
Some may say that's a little thing, but by now I have about a honderd little annoying things, like the touchscreen not responding anymore in about 25% of the tapping, the 'paste'- button disappearing within a split-second, the 'paste-bar' disappearing within a split-second, the too-eager selecting of word which makes editing text like hell, and yes, all this annoying disfunction came with iOS8.