To reproduce:
1. Run unity in free mode (force-free)
2. Select the camera in scene
3. Try to rename it in hierarchy, delete the previous name - notice that some gray ghost text is still left

When writing the new name the gray text causes the name to be harder to read (and looks weird)

Regression since 4.3.4f1
Does not occur with PRO version

Duplciate of http://issuetracker.unity3d.com/issues/the-old-name-is-still-visible-while-renaming-a-gameobject-in-the-hierarchy