Here you go..long story short:
If you remove it you will have 2 small holes on each side of your front end. The good news is that you can paint some carraige bolts to match and they will cover it perfectly.
Mine was damaged when I rear-ended my girlfriend (yes, we've already beat that joke to death on a different thread). The damage was beyond the trim itself.
In the following pic, you can see just how well the paint I found matches the grey trim. If you have painted trim, I'm sure you could match it. If it were not for the existing damage, I would be happy with this fix. Unfortunately, I will have to replace my front bumper cover.
I picked up some carraige bolts at Home Depot, cut them to a shorter length, sanded them, primed them, painted them (several coats), and mounted them. The mounting is pretty simple. I also had to slightly widen the holes to fit the bolts through. 2 washers (because of the square part) and a nut in the back.
You will have a lot more room to work if you remove the metal bumper trim mounts behind the bumper.