I do the single plain window of emacs thing too (though I use Terminal, not the built-for-mac Emacs GUI, and I only go 90 chars wide on my window). I usually run three UNIX shell buffers inside of emacs, in addition to all the source code buffers. I never go to the mouse while in Emacs (because it doesn't do anything), which helps me move quickly.

<snobbery>I get a bit frustrated when I need to look over someone's shoulder while s/he is doing some programming related task. So many people move very slowly thru their environments. I want to show them the way...</snobbery>

I wasted about 2 hours of my life once trying to trick out my Mac to be that "one Emacs window and nothing else" setup that you're talking about. I never really found anything that worked, though.