Nice review! OW is indeed shaping to be a star browser. I have some minor gripes with it that I haven't seen listed anywhere so I'm wondering whether I'm the only one to have them...
The keyboard shortcut for the search box should be Cmd-Opt-F as in Safari and other apps. Im not sure if this is an undocumented shortcut, I use it a lot.
Safari use a single button for stop/reload, displays page loading progress in the address bar and can be used without a status bar(OW has buttons in the status bar). Are this considered bad things? I love them! Having different buttons for stop/reload seems as silly to me as having an iPod with different buttons for play/pause. Having a spinner seems well, throwing away screen space to give less information than a progress bar.
Overriding commonly used shortcuts like Cmd-Up is a big no-no for me, Safari does it for Cmd-Left/Right and I hate it too. I keep getting tripped by this.