It always amazes me how there's this badass high res screen but it ships with everything scaled up which just doesn't take any advantage of the number of pixels available.
I messed around with a few values of the "ro.sf.lcd_density" property in /system/build.prop and settled for 320 (default is 480). It does make a little on the small side but you can offset this with the regular Settings -> Display -> Font size option.
The result, is for me at least, a great improvement. I can see most of my apps in the drawer without scrolling, can see and actually read a whole website without zooming in plus the system and nav bars top and bottom now take up a much more reasonable amount of space.
Install your favorite root enabled File Explorer and mount system RW and go edit. I like http://goo.gl/NvtA8 as it runs as su & mounts system for you.