Reading someone's comment on IE9 and he is asking for ribbon IE9. For some reason I didn't like the idea before, but, when I reply, it suddly hits me. Why not? Ribbon is probably the better solution. While the ribbon takes more spaces upfront, but, it is capable of handling additional toolbars without extra spaces.
You know, in the Home tab, have address bar, search bar, print, zoom, and so on. And you can have a ribbon for search text. A ribbon for those 3rd party stuff. Favorites will probably have it at title level, like those save + redo + undo buttons in Excel and Paint. The ribbon probably can be less height than traditional ribbon, to save some spaces.
I think it is probably better this way. I hope someone willing to go thru the trouble and make one to demo it.