The bottom area is to show book details/cover thumbnails, I don't see why that is a waste of space. As for the top area, it only wastes space if you make your calibre window very wide. And I really don't see how that can be improved without decreasing usability.
I should say that I'm not a fan of overly compressed and cluttered interfaces. For me, an ideal interface is one that exposes often used functions prominently. These prominent functions should act as gateways to more detailed information/functions.
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