Hide Time Machine Drive
Since the release of Leopard I have wanted to hide the Time Machine drive that appears on my desktop. About once a week I would see the icon and wish it gone. You know what they say -- wish in one hand and something else in the other and see which one fills up first. So, after washing up, I decided to present my wish to Google instead. A few seconds later I had a link to a simple solution from Macworld titled Hide Time Machine's icon in the Finder.
Here is the quick version for those familiar with AppleScript (replace Time_Machine_drive_name with your drive name):
tell application "System Events" to ¬
set visible of disk "Time_Machine_drive_name" to false
launch application "Finder"