⌘cmd+H hides just about everything except Adobe’s Illustrator. I’m not sure why “Hide Edges” is so much more important than having the program work in the most basic of ways as other programs do. Not supporting ⌘cmd+H is like making “Copy” ⌘cmd+U because you wanted to make ⌘cmd+C “Copy Filter”, it just doesn’t make since. At least there is an easy solution, here’s how.
In Illustrator:
1) Choose Edit > Keyboard Shortcuts
2) Select Menu Commands from the drop down
3) Expand the first option named Illustrator
4) Click in the Shortcut column in the Hide Illustrator row
5) Press the keys to assign them that command, ⌘cmd+H
6) Click Go To to change Hide Edges which previously had ⌘cmd+H
7) Click in the Shortcut column in the Hide Edges row
8) Press the keys to assign them this command, ⌘cmd+option+H
6) Click Save… and name the profile
7) Click OK
Other Keyboard Shortcut Resources
5 Obscure Illustrator Keyboard Shortcuts
Adobe Illustrator CS3 keyboard shortcuts