Find the line starting with the word timeout and change the number to what ever you desire.
I advise against setting it zero (0) as that would make it almost impossible to bring your system up in single user mode if there were a problem. Personally, I think the timeout should be a little longer, say 5 seconds. But that's just me.
For what it's worth, I think Microsoft's bootloader has the same behavior as GRUB's, except that it's more like 2 seconds, and that it isn't verbose about it.