Ok, hearing about the possibility of burn in on the screen of my brand new phone broke my heart. But it doesn't have to be that way. I usually have either Beautiful Widgets or Weather Widgets on my home screen so I don't need to have another clock in the status bar. So I removed it. (The burn in that has been reported to be from the AM/PM.
OK, now for a couple pre-requisites:
Obviously you must be rooted.
Download Metamorph from the market.
Please have a Clockwork recovery and a backup made.
You MUST BE deodexed first. You will boot loop or worse if you are not. Here is a link (credit Frostman89) to download a deodexed update.zip for your phone. Please, read this.
Download the file and put in on your sdcard in the AndroidThemes folder.
Open metamorph and select unzip new theme.
Click on services.jar when that is done extracting, and it will ask you to reboot when it's done.
Be very very patient, it will likely take a long time to reboot. This might also include seeing the lockscreen for a second and continuing back at the bootanimation once. (It did for me)
After that, enjoy your new clock!!! err, lack of clock!
As usual I am not responsible for what you do to your phone, all releases are tested but there are multiple configurations that can give you problems. You are applying this at your own risk, I may help you if you have problems but don't blame me if you brick your device. Thanks
Clock removal Metamorph
Metamorph to bring back the clock