Show Desktop is a small OS X application that will hide all applications and shows the desktop when clicked. It can run in the menu bar or the Dock depending on your preference. Furthermore, shift-clicking on the icon will show all applications for quick access. Show Desktop can also be configured with an exclusion list for more PRECISE user control.
Show Desktop hides all applications and minimizes Finder windows for an unobstructed view of your desktop. Unlike Command-Option-Click, Show Desktop also minimizes Finder windows to get them out of your way too.
Show Desktop has an exclusion list so if you don't want your favorite applications hidden, just add it to the list.
Show Desktop is made in Cocoa and supports all the goodies you'd expect in a Mac OS X application. And best of all, Show Desktop is free.