Check it out on John Nack's blog - there's a video there too...

I for one never liked floating panels and was extremely happy about the new UI in CS3 and think that they're continuing to head down the right road... And it's a funny story how they got on that road:
Macromedia copied Adobe's interface -> Adobe sued Macromedia -> Macromedia developed its own, better interface -> Adobe bought Macromedia and took on the new UI...