Widescreen monitors might be great for movies and tucking your IM windows on the sidebar, but they're not so great for reading and coding. Rotate your monitors for maximum vertical space.
At Technology blog Mortar & Pixel they wanted to get more out of their Apple Cinema Displays. Although portrait support isn't an officially supported or documented configuration for the Apple Cinema Display, they grabbed a towel (to protect it from scratches), an Allen wrench, and reattached the stand in the portrait configuration.
For people that have more pragmatic stands (and can simply rotate them instead of unbolting them and propping them up) it's even easier to switch to portrait mode and enjoy a taller virtual workspace. Visit the link below for more photos showing how they set up their Cinema Displays.
Apple Cinema Display Gone Vertical [Mortar & Pixel]