I am proud to release our new Hide Pages Plugin. Hide Pages provides a simple way of hiding pages from your navigation bar.
This plugin adds a new sidebar panel in the add and edit pages within your WordPress admin. To use, install it to the plugins or mu-plugins directory, edit or add a page, and then just tick the “Page Visibility” checkbox to hide a page from the navigation.
We like this better then other similar plugins because it contains less code, works with MU, and uses native WordPress plugin hooks. It is also our first GPL released plugin.
Update: Works with WordPress 2.5