I usually just go fullscreen. One of the biggest peeves I have is that Chrome doesn't show the Omnibox (nor does it let you type a new url) while in fullscreen mode.
Oh, sorry, I thought you were talking about OS X and its recently introduced full screen mode, which Chrome initially supported without showing Omnibox.
It does:
- View > Enter Full Screen mode -- with Omnibox and tabs.
- View > Enter Presentation mode -- without Omnibox or tabs.
Or click the little button on the right to switch between modes: http://i.imgur.com/GD1LX.png