Hi Steve,
There's an 'ExpandRefMode' property with an ObjectTypeShape selection in the Properties Window. Set it to true. You'll see two additional shapes (one for the identifying fact type, one for the value type). Delete the shapes, but not the underlying model elements.
I'd like to eventually make this property 3 values to correspond to the current two values plus one for going straight to the state you want (just show the entity). The property also works inconsistently (with respect to creating and deleting the expanded shapes) when multiple shapes are present for the same EntityType are shown on the diagram. It is a known NYI at this point.
I often use this view if I'm reusing an entity on secondary diagrams. I like to show the identifier in one place, but don't care in most of them.
-Matt