This was by far the best thing I saw in the Taurus booth, and I find it to be a clever idea.
According to the rep I spoke to, this hammer will soon be standard on all Taurus revolvers, but is currently available on only a few models.
The hammer spur is removable, turning it into spur-less hammer, which is generally better suited for concealed carry.
To remove the spur you simply grab hold of the spur, turn counter clockwise 1/4 turn and pull. There is a detent pin (and spring) that keep the spur from falling out/off when it is installed. To re-install simply orient the spur as it was originally, and press it in. The detent pin will click when it locks the spur in place. The rep said that spare spurs will be available as they are aware that people may lose them.