Remove Label

This should be easily done with CSS. Anyway I will provide a skin showing only the flag icon after commiting the version with the new msdropdown 3.5.2 version.

This is already on 7.x-2.x version. Now the output with Marghoob Suleman library comes with several skins that allow to show just the flags.

A solution for D6:
(adjust "width" to the numer of icons)

a.language-link {
    display: inline-block;
    color: transparent;
    width: 20px;
    height: 15px;
    overflow: hidden;
}