HoneyBar (ROOT *required*)

Introductory pricing for a limited time only $0.99! Get it while it lasts.

With experimental TouchWiz support (enable button offset)

Give Google the finger for not addressing this bug (http://code.google.com/p/android/issues/detail?id=15408) and buy this app! Tap to show and hide the status bar that doesn't ever go away!

HoneyBar is an application that requires root access to toggle visibility of the Honeycomb status bar on the bottom of the screen. Root access is required to allow the hiding to occur.

On initial use, HoneyBar will enter an introductory mode. During this mode, a white rectangle approximately 100x54 pixels in size will appear in the middle of the bottom of the screen. Tapping this box will toggle visibility of the status bar. When the status bar is present, the rectangle will appear in the status bar; when it is not present, it will appear at the bottom of the screen.

After successfully toggling visibility of the status bar 10 times, the white box will no longer appear. Even though the box is no longer there, you can continue to tap that same location to toggle the appearance of the status bar. If you want to revert to the introductory mode again, you can 'Enable intro mode' again.