If I recall correctly, Opera did this in the best way (unsurprisingly): The URL bar in fullscreen is hidden until you move your mouse to the top, then it slides down, eliminating the need for separate fullscreen and presentation modes.
(worst ever? the full screen functionality change in OS X Mountain Lion for those of us with more than one monitor: it blanks the second monitor for apps that uses the OS provided mechanism for full screen - at least some apps now "fake it" to avoid pissing off users).