I think where the 'controls' are located depends on one does most of the time. For many users, they're working on documents that are taller than they are wide. Unless they're using a portrait style monitor (rare) one could make a good case for having 'stuff' on the side rather than top or bottom, there's more unused space. That's why grumpy old people (like me) would really prefer a more nearly square monitor (4:3) rather than the 'movie screen' aspect ratio (16:9 or 16:10). We're used to panels and controls top and bottom because that's what we've used since we started using computers.
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