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it would be cool if us hackers who actually know #*$! and dont just copy any paste fancy code and use dreamweaver to make our web sites could like use a parameter for the adsense blocks to remove this text
google_display_nag_text = '0';
whats bad about it?
You're not important enough to warrant special treatment! ;)
If you really want to hide it, you could use CSS to position an image over the text. Google will almost certainly not like this!
Had a client doing this when we took them on - it was one of the things we strongly advised them not to do.
Don't stew about it. Google requires that text, so just live with it, and work with what you CAN change.