It might be something of an idiosyncracy of mine to want fewer graphics and careful use of text. Or maybe I have come under the influence of Google's sense of aesthetics, I dunno. But the spacing thing is definitely calling my attention.
Some icons don't bother me at all... the B, I and U (and the other icons for the text editor) don't bother me in the least, and seem to clearly indicate what they're for without the need for any text at all.