Is there a way to hide Maven 2 "target/" folder in Eclipse 3?

Right click on the folder you want to ignore, open the "Properties" dialog, chose the "Resource" tab and check the box that says "Derived"

Reconfigure "clean" in Maven not to delete target directory:

<plugin>
    <artifactId>maven-clean-plugin</artifactId>
    <configuration>
        <excludeDefaultDirectories>true</excludeDefaultDirectories>
        <filesets>
            <!-- delete directories that will be generated when you 
                 start the develpment server/client in eclipse  
            -->
            <fileset>
                <directory>target</directory>
                <includes>
                    <include>**/*</include>
                </includes>
            </fileset>
        </filesets>
    </configuration>
</plugin>

(found at: http://maven.40175.n5.nabble.com/how-to-NOT-delete-target-dir-td3389739.html#a3413930)

Solution for Indigo [SR2]

Project Explorer > Customize View > Filters > [*] Maven Build Folder