While you're on the Home Screen on iOS 7, the Clock application icon is animated and already tells you the current time, so the time on the Status Bar may seem a little redundant depending on your views.
If you can read an analog clock just fine and want to dedicate that Status Bar space used by the time to something more important, like Status Bar mods, icons, and other things, then a new free jailbreak tweak called HideHomeTime
by iOS developer Julian Weiss will hide it from the Status Bar whenever you're on the Home Screen.
Notably, when you're on the Lock Screen, the time is already missing from the Status Bar because the time is displayed in huge font right on the Lock Screen. When you unlock your iOS device with this tweak installed, the Status Bar on the Home Screen will look the same as the Status Bar on the Lock Screen.
With the tweak installed, when you open applications, where the animated Clock application icon is no longer visible, the time will re-appear in the Status Bar so you can still keep track of it without having to close the application and look at the Clock application icon.
In addition to the previously mentioned advantages for all the customizers out there, there are obviously some disadvantages to this tweak. If you can't read an analog clock, then you'll struggle trying to figure out the time without the digital time being displayed in the Status Bar. Also, unless you have the Clock application on your application dock, you'll have to constantly visit the page or folder where the Clock application is located to see the time.
Nonetheless, if you want to give HideHomeTime a try, it's available for free in Cydia's BigBoss repository. The tweak doesn't have any options to configure and requires an iOS 7 device to be installed on.
iPhone 5 running iOS 7.0.4