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My browser doesn’t have a bunch of dead space. No footer. One line for controls. Tabs have been collapsed into the title bar.

Compare latest Chrome to version 30 or something and toolbars are almost double the height.

Use a different browser?

All modern browsers are the same in this regard.

I don't have that problem on Firefox. I set it to compact mode and it's fine.

There is no compact mode anymore, they removed it years ago.

Then what is this setting I'm looking at labeled "Window Density" with an option labeled "Compact"?

I don't know. Mine only has "Normal" and "Touch".

Weird. You should probably get that looked at.