Can we hide the URL bar when I am looking at the page? (for some definition of looking) It seems that, at least on my Nexus 7, the URL bar eats up a lot of precious real estate that could be better served with letting me immerse myself in the page I am looking at. alternatively, can this be made into an option I could turn on?

This is enabled in nightly and Aurora builds (but its still under on-going major tweaks). You can download them from nightly.mozilla.org if you want to test (but be warned that they break frequently). Aurora is stabler: http://www.mozilla.org/en-US/firefox/aurora/

thanks for the quick reply. I look forward to trying this out once it hits beta.