If you really want to maximize your workspace and take advantage of the flexibility of Photoshop, you may want to consider getting rid of many of the "floating" palettes that clutter up your screen. Notice the docking area on the top right side of your screen in the Options window (located directly below the menu bar). (See Figure 4.)
Figure 4 Use the "Docking" area to keep your most-often-used palettes at quick reach. It maximizes efficiency and reduces the clutter of open palettes on your desktop.
You can drag palettes into this area for easy access without the clutter of floating palettes all over your screen. Saving workspaces stores this information. Therefore, you can still customize which palette you want access for different functions and recall them simply by selecting the named workspace from the Windows menu. This setup works best for me when I don't need to have more than one palette visible at a time, while providing me maximum area on my screen for my image.