Actually, both should show -- and you can "fire" either one, depending on how far you swipe (the blue highlight and the vibration feedback help with that).
https://plus.google.com/111661559774274998746/posts/YRjoyh5WM4kJust swipe a little farther.
"Work in progress" part -- for deleting, the "oh so fashionable" Android thing is to 1) make it look that an operation, even a destructive one, has actually occurred 2) provide a floating "thing" with an undo button.
http://java.dzone.com/articles/how-implement-undo-bar-androidNote that the article is misleading -- displaying a little properly styled UI element is the easy (no-brainer) part. The hard part is making it look like a delete or move to deleted actually took place.
I also got a few smaller suggestions on this feature already.
Finally, on the "snooze" feature (@paras.desai) -- this would be a natural place for it, but I won't be able to work on that just yet.
