Emacs Lisp defun to bury the compilation buffer if everything compiles smoothly. No news is good news!

bury-compilation-buffer.el

(defun bury-compile-buffer-if-successful (buffer string)
  (when (and
	 (string-match "compilation" (buffer-name buffer))
	 (string-match "finished" string)
	 (not (search-forward "warning" nil t)))
    (bury-buffer buffer)
    (switch-to-prev-buffer (get-buffer-window buffer) 'kill)))
(add-hook 'compilation-finish-functions 'bury-compile-buffer-if-successful)