Numerous users have asked Google to implement this feature, yet they refuse to do so, saying that it "works as intended" (http://code.google.com/p/android/issues/detail?id=15408)
A third-party developer, me, submitted a program to Android Market that allows users to hide their status bar by tapping on an area on their screen. It does nothing malicious or unexpected. Just exactly what it is advertised to do.
Within a week of publishing on Android Market and gathering over a hundred paying users (albeit at only $0.99 USD) Google removed the application from Market with nothing but a form letter indicating that it somehow violates the "Content Policy"
Perusal of the "Content Policy" (http://www.android.com/us/developer-content-policy.html#showlanguages) shows absolutely no obvious violations.
Damnit Google! Be more forthcoming and/or restore the app to Market! I've contacted and responded to the form letter email a number of times, contacted Market support and tried to find internal Google people to help. No luck; sending mail to Google regarding any issue of support is like being sucked into a blackhole--there is no hope.
For now, it's on Amazon's AppStore garnering a tiny fraction of the sales it was receiving before :-/