Tried this seemingly simple method on an icon under "All Programs" but it doesn't work. Last "update" of the application uninstalled itself (maybe their way of killing off their worthless app??? ... Shop Savvy). But it left the icon on the phone. I tried to hold, drag, and drop on the Remove button, but it doesn't remove the icon. When I go back to All Programs, the icon is still right where it was. If I click the icon, I get the expected message-- "The linked program is no longer installed on your phone." But I can't make the icon go away. Helllllp....
edit: if it matters... HTC Incredible on rooted 2.1.