Menu: Tools –> Options –> Environment –> General
Versions: 2008,2010
Published: 5/22/2010
Code: vstipTool0024

This one falls into the “Huh?” category. If you go to Tools –> Options –> Environment –> General and uncheck the “Show status bar” option. It will remove the status bar from view.
Before:

After:

The only thing I can think of as to why you would want to do this is to get some extra real estate on the screen but, let’s face it, we aren’t talking about a lot of space here.