After you draw the Shape, hit the Enter key.
The shape layer stays targeted, but its path becomes hidden.
Thank you so much!
What if you just select a shape you already drawn? The bounding box won't disappear with Enter Key.
This is making things very hard. Has anyone found a sollution?
Update to the latest Photoshop release, 13.0.1, by choosing Help - Updates in Photoshop.
Once you're running 13.0.1, the Path associated with the shape will only show if you have on of the Path tools selected in the Tools Panel. It will be automatically hidden if you choose a tool not in that set, such as the Zoom Tool or the Move Tool.