I had the same experience with my new Mac Mini, apart from the cellophane wraps it is hard to see how they could reduce the packaging that mush more. That said, the packaging that there is is fairly heavy, but it needs to be to survive shipping via courier.
Shame the first one that arrived didn't power up, but at least the replacement process was quick and easy.
However, I have to say my last couple of Dell laptops were also no over packaged. Mind you, one was from the outlet store and one was a netbook, which I think makes a difference.
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Remind me to change my signature to something more interesting someday