How to hide toolbar in Eclipse 4.2?
In 4.7.2 you can use the menu items: Window -> Appearance -> Hide Toolbar
& Window -> Appearance -> Show Toolbar
to toggle toolbar visibility.
> Window > Hide Toolbar
(I'm running 4.2.1.)
Menu was gone but the command seems to be available still now.
Preferences > General > Keys
Type "toggle t" in filter text, then "Toggle Toolbar Visibility" will appear. It seems to work when some key is assigned.