When I was testing out Snow Leopard's File » Put Back function in the trash, I tried clicking on the red Delete icon that I have in the Finder's toolbar while in the Trash folder.
When I clicked the Delete icon, Finder put the item back. I'm not sure if this is intentional or not, but it does make some sense.
Mac OS X Hints
http://hints.macworld.com/article.php?story=20090830175504662