"Automatic Entity Label" is a small and efficient module that allows hiding of entity label fields. To prevent empty labels it can be configured to generate the label automatically by a given pattern.
This can be used on any entity type, including e.g. for node titles, comment subjects, taxonomy term names and profile2 labels.
Patterns for automatic labels can be constructed with tokens. Drupal core provides a basic set of tokens. For a token selection widget install the token module. Some entity types (e.g. profile2) provide tokens via the entity_token module (part of entity).