The procedure as described above with setting the String Value of "Link" to all zero did not work for me. Even after restart, the suffix "- shortcut" was still there. Sometimes, it also happened that the Link String Value was reset to e.g. 16. However, I found an alternative that worked for my Windows 7 Ultimate 64 bit. Here is the trick:
Open the registry editor: Start Menu » Run » regedit
Save (export) a copy of the current registry – just in case of a mistake. Best is to save it on the desktop and give it a name with the date and some explanation that describes when you saved this copy (e.g. "20120319 registry before removing shortcut suffix")
Then, you navigate to HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer\
If there is a key called "NamingTemplates" already, then you may enter a new string value directly and skip the next step #5.
If there is no such key called "NamingTemplates", create this key under the above path. To do so, left-click on "Explorer" in the above path, then right-click in the right half of the window and select new » key. Rename the key to "NamingTemplates". The complete path is then: HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer\NamingTemplates
Now, under the key "NamingTemplates" you create a String Value with the name "ShortcutNameTemplate" (without the quotes). To do so, left-click on the key "NamingTemplates" and then make a right-click in the right half of the window. Select new » string value. Rename the String Value to "ShortcutNameTemplate". For this, you need to right-click on the String Value and select » Rename.
Then, you right-click once again on the newly created String Value, select Modify and enter the value "%.lnk" (again without the quotes).
Exit and close the registry editor
Then, for the change to take effect, close the Exit Windows Explorer and open it again. Now, the "-shortcut" suffix is gone.
Here is also the screenshot how it should look like after the changes:

If later on, you need to reverse the change:
- If you had to create the key "NamingTemplates" -> then, just delete this key to make the change undone
- If the key was already there, then you should set its value back to the original value, before the change (i.e. you should keep record...)
Wish you good success!
UOB