Yes, if you load a 3rd party launcher... I believe you'd have to have the paid version of Launcher Pro to make this work, but you can shorten it from the 1x4 widget to 1x2 or 1x3, but you can not make it any smaller in height like it's displayed on ICS. Go Launcher EX might shorten it as well to 1x2 or 1x3 with the free version, but it's been a while since I used that launcher.