To hide the “My Site” link in the SharePoint 2010 top navigation you can easily do this via CSS.
Simply add the following to your custom CSS.
Now when you click on Site Actions > Site Settings > Top Link Bar. You can customize those links all you want and not have to worry about the “My Links” getting in the way. Its redundant/repetitive to the My Newsfeed link anyways. So I am not really sure why it was in there for the first place…