The philosophy seems to have changed majorly from the old Opera to the new. Previously everything was customizable, but now Opera has gone in a different direction, more akin to Chrome.
Like some of the others, I can't use a browser without a menu bar option since I have another program that always sits where the menu bar is. In every other program it's fine, except in Chrome, and now Opera, it blocks the tabs.
If possible, I'd suggest trying Firefox -- with a combination of a number of extensions, you can duplicate almost all of the old Opera's features.