One more filter needed in Settings...
 

A feature that I would like to see (I apologize if someone has proposed this in the past; it seems obvious enough that someone probably has...):

In Settings, there should be an option for both Projects and Contexts to not only choose which actions to see (Available, Remaining, All or Next, Available, Remaining), but to hide Projects and Contexts that appear empty when one of these filters is applied. This would make it a lot easier for me to see quickly what still needs doing (and decide which context or project I want to focus on), without the screen being cluttered with Projects or Contexts that have the words "none remaining" or "none available" beneath them. I can see, of course, why sometimes it would be useful to see these, but for me they usually get in the way...

Or is this already possible and I just haven't figured out how to do it?

I'm pretty sure we have a feature request open in the development database on something like this. If you email the [EMAIL="omnifocus-iphone@omnigroup.com"]support ninjas[/EMAIL], they can add your vote to that item.