True bandwidth isn't a problem - but reducing unnecessary calls, be they http requests, mysql requests or file requests, is always something worth looking into... unless the work done to reduce the number of calls actually makes it less efficient (by upping memory usage too much etc).
A quick "rough" test (by resetting MySQL stats, forcing a page load and then checking the stats) shows that (excluding the calls from the stats calls) I had about 6 - one for the list of posts, one for the tag cloud, one for the calendar of posts, one for the active blogs and a couple for getting the blog information.
To be honest, coming from my day job as an Oracle DBA on a TB sized system the quality of the query and the volume of data it returns is more important - for example using Select * and then only using a couple of fields is something I really don't like