One way to simplify Bridge CS3 and remove some visual "clutter" is to remove unused icons from the "Favorites" list. To do this, just right-click (or ctrl-click) on a Favorite, and choose Remove from Favorites. If you ever want an icon to return, it can be added in Preferences.
This works well, except for the Version Cue favorite. If you don't use Version Cue, there is no reason to keep the icon around, but it keeps popping back like an uninvited guest each time you start up Bridge. To banish the Version Cue icon from Bridge once and for all, go to Preferences (in the Bridge menu on the Mac, the Edit menu in Windows) and choose the Startup Scripts category on the left. Deselect Adobe Version Cue in the list on the right, and click OK. The Version Cue icon will disappear from Favorites, never to return until invited back!