Hey, the wiki article says it's edible. So chow down and make some stir-fry or salads.
I have some of this weed in my lawn areas as well. I agree with the previous suggestions of using Scotts 'Weed n Feed' products regularly for a couple of seasons. The difference becomes obvious in my lawn when my neighbor has hundreds if not thousands of dandelions and I have maybe 2-3.
I have also used a spray on selective herbicide named "Image" with good results. It works to kill many weeds (more than most other selectives) without hurting the grass. My problem is that I'm dealing with 1.3 acres of property. Spraying that with a hand sprayer is nearly impossible. I've thought about getting a tow-behind sprayer for my riding mower, but they are quite costly.