According to Opera Watch:
Opera is planning on a major overhaul for its desktop browser.
According to a source, Opera will release a new version of its desktop browser, which will contain major modifications to the browser’s User Interface (UI). The new version will sport a simpler look.
The next release will be Opera 8.5 and will sport a new, faster rendering engine along with the UI overhaul (does this mean an updated version of Presto or a totally new rendering engine?). The new version should be released by the end of next week.
Following in the footsteps of Firefox? 
This sounds like a smart move by Opera, the biggest problem (IMO ofcourse) is that it’s too cluttered. Giving it a simpler UI is a good move!