MacDropHide is a simple app that painlessly allows Mac users to hide the Dropbox menubar icon.
MacDropHide is compatible with Snow Leopard and Lion, and may run on older systems, though I cannot provide help/support for these older systems, as I do not use them.
MacDropHide works by taking Dropbox's icon files ("dropbox-box-icon-1.png", for instance), and renaming them to have ".hidden" on the end ("dropbox-box-icon-1.png.hidden", for instance).
This means that when Dropbox goes looking for the icon files, it can't find them, and subsequently doesn't show anything in the menubar.
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