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Like most UI designs, it's a play off of space v usability.

I don't have a problem with the tabs personally and I use it all of the time, I also like the fact that with each tab so focused, it's uncluttered and limits the possibility of clicking on the wrong thing accidentally.

Of course YMMV, but I think that they've got it spot on.

Put in a Feature request with the Ninja's if you wish the behaviour to be changed.