Interestingly enough, this new version (early November 2010) of the old eclipse full screen project (initially for eclipse 3.4) allows for the status bar to be hidden or not to be hidden.
See GitHub Eclipse full-screen.
The rationale behind this evolution is described in this blog post:
Originally, the plugin maximizes the usable space by hiding everything but the editors and navigator — which means hiding even the status bar, making it really hard for developers to use.
The single available option was to show/hide the Menu Bar, which is useful for RCP apps.
But for IDE usage the status line MUST show up (it’s impossible to debug a stacktrace without knowing which line you are, for instance).
So now, you have "more choices":
