In order to hide the 'Home' link on the top menu in SharePoint 2010, please follow the below steps:
1. Open you site master page in SharePoint designer.
2. Locate and delete the below from the master page:
'SharePoint:DelegateControl runat="server" ControlId="TopNavigationDataSource"
This is required to delete the existing delegate wrapper from the master page.
3. After that change your data source to the below code:
Now you will not see the default home link for the site. You will see only links set up in your navigation.