Ben Doherty (Oomph, Inc)

Specify a list of tags to keep hidden: These tags will be invisible to users, 
such as in tag clouds or in post tags lists. This is useful when using tags to 
control behavior of your blog, or when you wish to maintain groupings of posts 
out of the public eye.
This does not prevent tag archives for hidden tags from being accessible, only 
hides tag links from tag lists and tag clouds.
Capable users (with the see_hidden_tags capability,) can see hidden tags in 
tag lists (but NOT tag clouds.) Hidden tags will receive the .hidden-tag class 
and are grayed out by default.

Oomph Hidden Tags

Hide certain tags from tag lists and tag clouds. Allow capable users to see hidden tags with the see_hidden_tags capability.

michaeltyson

Specify a list of tags or categories to keep hidden: These will no longer appear anywhere 
on the site, such as in the tag cloud or on the list of post tags. This is useful when using 
tags to control behaviour of your blog with other software, or when you wish to maintain 
groupings of posts out of the public eye.

Hidden Tags

Hide certain tags/categories from the public

Oomph Hidden Tags vs Hidden Tags