Quite nice, but I couldn't live without a title bar. (Don't you just love the ability to tab windows together in KDE by just dragging them onto each other (whilst holding your fav key combo, like the middle mouse button)?)
Yeah- I used to use that a lot the first time I got into KDE. I was quite enamored with Oxygen at one point. Of course, with this theme I can always drag from the menubar and there's an 'invisible' handle in Smaragd. I think I mostly like it for the visual simplicity, not necessarily the functionality, so I'd have to agree.
I do simply adore the ability to make window management a very intuitive activity for even complex setups using keybindings. Something I liked a lot in Openbox, as well.