The fact that Beneteau 361 has a quite large wheel makes sailing wonderful. It feels light, you can steer while sitting at the side and looking the tell tails and it's just perfect.
On the other hand, yes, I agree it does get into your way (though personally I don't mind any longer; you get used to it) but I would never like to replace it with a smaller one. A very good option, but expensive, is to get a folding one (like the one produced by Lewmar).