TL;DR
Content uses only about 55% of the screen the rest is chrome (in the default view). Content should get much more: we are consuming content first and foremost.
The long version
I measured the wasted pixels on the screen recently:
On iOS with a typical news item I found 0-355 pixels used for header (navbar, title, tags), and at the bottom of the screen at 1000th pixel train and share buttons then the text and next. That means 645px for the content out of the 1142. That’s barely 56% useful content and 44% chrome (and it is even worse on iPhone 4s!). On Nexus 4: 0-380px is the header and at the 1085th pixel are the Share and Save buttons. That means only 705px out of 1280px is for the content, which is the same 55%. Scrolling makes it better but it would be much nicer to have a bigger view after a “next” with lots of content and not doing “next, scroll, next, scroll, …” every time.
It would nice to have at least 70% for the content (but could be pushed to around 90%). One possible UX I come up with: change the order of information in the header, put the item title on the bottom of the header and tags and date above it. Then make the default view to be “scrolled” to the position where the title is visible and everything above is out of the screen. Those can be accessed by a manual scroll down. Also if Save and Share are that important that they are shown outside of the menu then why not place them in the nav bar next to the “…” system menu. They can be icons only, no need for the text.
Samuel: is there some built-in analytics feedback in your client apps? I am not sure if the share, train, text and send to are really that much used that they deserve to steal pixels from the content.
PS: Thanks for the mark as unread in the new Android client 