I developed a plugin that removes the BuddyPress admin bar. Guess what? Its name is Remove BuddyPress Admin Bar. You can download it from the official WordPress Plugin Directory or find more information in the Plugin Homepage.
BuddyPress
BuddyPress is a suite of WordPress plugins and themes, each adding a distinct new feature. BuddyPress contains all the features you’d expect from WordPress but aims to let members socially interact.
BuddyPress will extend WordPress MU and bring social networking features to a new or existing installation.
All BuddyPress plugins can be themed to match your own style, in just the same way as a WordPress blog. The BuddyPress plugins are bundled with a default theme to get you going out of the box.
As all BuddyPress plugins are independant, they can be used in two different ways. All of the plugins could be used to create a complete social network from scratch, or you could use specific plugins to add desirable features to your existing blog network.