Call me crazy, but I find this:
Far more useful, practical, clear and easy to use than this:
In the second image, all the useful functions apart from Open and Save are hidden away behind menus. I now have to figure out what the icons mean, then click on them, then navigate the drop down menus and finally find whatever I was looking for. I don't use gedit, but I just spent a couple of minutes trying to find the Undo button and failed. Presumably, it's somewhere in the pestilential hamburger menu. It might be that thing that looks like a curving arrow but there's no tooltip when I hover over it and its greyed out, so I don't know.
Point is, there is a general movement towards beautiful, minimalistic design. While the best designs manage to combine beauty with ease of use, the gedit example above which highlights a general trend in Gnome fails miserably. I freely admit it's pretty, but it ain't functional.
So, given that users already have trouble finding the "share", "edit", "close", and "flag" links, even now when they're right there in the open under their nose; given that most new users would have no idea what kind of actions they can take on a post; given that most people don't go around randomly clicking stuff to see what's behind them and adding the simple fact that even for those of us who know what we're looking for since we're familiar with the site, what you're proposing would make taking action on posts slightly harder. You'd add one more click between the user and what they're trying to do.
Given all of the above, I really don't see how it could be any sort of improvement to go from clearly displayed and self-explanatory links to a menu. Perhaps it would make for a slightly prettier UI. That, of course, is a matter of preference. I would not find it prettier, but maybe you would. OK, but this would be a case of sacrificing a little functionality for a little (or none, depending on one's tastes) gain in aesthetics. This is not a good thing. As a wise man once said:
Any website that would give up a little usability to gain a little eye candy will deserve neither and lose both.