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Is there a feature in the new os to remove/hide factory apps?
No AFAIK. The only way I know if by jailbreaking the phone. If you don't want to do that, you could also dump in into a folder called UNUSED or similar.
I always put the uneeded in a folder called utilities: stocks, itunes store, contacts, compass, etc... Unless you want to jailbreak, you dont' have a way to hide them...