I can view one or the other, but not both at the same time. Preview panel used to appear above the metadata panel, but now their tabs are side by side. I can't get the metadata panel or tab to move down.
The default position of the Panels in Bridge drives me bonkers, I hate it. The good news is that you can move individual Panels around quite a bit. However there are rules:
1) You can have up to three columns of Panels (or two or even more but no more.
2) Panels cannot float they have to remain within Bridge's main window
3) You can have a whole bunch* of Panels side-by-side of each other
4) You can have a whole bunch* of Panels up and down each column.
*I've never counted but I've had up to four with no issues
Here's what you do: mouse-down on the name of any Panel you want to move and drag it down and to the side. You will see a big blue rectangle where the Panel was. If you then move it OVER another Panel you will see the same big blue rectangle show up where the current Panel is. If you let go, the moved Panel will be in the same column as the original Panel. If you move it to the bottom of one column, you will see a blue line across just the bottom and if you let go then that Panel will be below the current Panel and in the same collumn. The same goes for the top. If you want to move it to be part of a set of Panels, aim toward the names of the Panels and you'll see the box around all of the current Panels.
Now, here's what I like: I like the Content Panel all by itself on the right hand side. I like the Preview Panel in the middle. On the left side I like Favorites & Folders on the top and Keywords, Metadata, and Filter on the bottom.
Have it any way you want. BUT IMPORTANT. When you are done, go to Windows (menu) and select Workspace -> New Workspace... and save that workspace so you can go back to it at any time. You can make as many new ones that you want.