Here’s a little gem of an app: Launchpad-Control. It’s actually a Preference Pane, and it allows you to use simple checkboxes to show and hide items, folders and even entire pages of applications in Lion’s Launchpad.
I had a folder filled with Adobe Uninstaller apps that I didn’t really want to delete but definitely did not need in my Launchpad. Poof, gone. A couple of apps I had deleted but whose demise Lion refused to accept… poof. Now that I have everything sorted and am able to remove the cruft, Launchpad is of much greater use to me.
Launchpad-Control is free, but donations are accepted. Visit the homepage for download and PayPal links.