Remove item from list based on condition

If your collection type is a List<stuff>, then the best approach is probably the following:

prods.RemoveAll(s => s.ID == 1)

This only does one pass (iteration) over the list, so should be more efficient than other methods.

If your type is more generically an ICollection<T>, it might help to write a short extension method if you care about performance. If not, then you'd probably get away with using LINQ (calling Where or Single).

prods.Remove(prods.Find(x => x.ID == 1));

Using linq:

prods.Remove( prods.Single( s => s.ID == 1 ) );

Maybe you even want to use SingleOrDefault() and check if the element exists at all ...

EDIT:
Since stuff is a struct, SingleOrDefault() will not return null. But it will return default( stuff ), which will have an ID of 0. When you don't have an ID of 0 for your normal stuff-objects you can query for this ID:

var stuffToRemove = prods.SingleOrDefault( s => s.ID == 1 );
if( stuffToRemove.ID != 0 )
{
    prods.Remove( stuffToRemove );
}

If you have LINQ:

var itemtoremove = prods.Where(item => item.ID == 1).First();
prods.Remove(itemtoremove)