Re: None of that adds/detracts to comments on the undo toast (unless I'm missing something). How are they linked?
The relative positioning of UI elements.
The undo bar is bottom-aligned with the FAB (they're not on the screen at the same time, but I thought it would look nice).
The Floating Context Bar gets bumped up (try selecting a message, deleting, and while the undo bar is still visible, select another message... then click Undo).
In message view mode (let's say you deleted a message and the app is set to "navigate to previous message after delete"), the undo bar has to be *above* the icon bar, so you can click Reply or whatever immediately, without having to wait.
Then it's possible to turn the FAB off, and then you'll have an icon bar along the bottom in message lists too.
Re: Gmail's undo notification appears 'gently' after a brief delay
After a delay? Um, interesting. Wonder if there is a technical reason for it (say, too much repaint causing the frame rate to drop).
Re: color flash when deleting a message
If you mean the colors (red / yellow / green) "splashing over" the message being affected -- Gmail does it too.
---
But yes, I see what you're saying.
Maybe the panel needs to be semi-transparent, maybe the animation should be delayed, maybe maybe maybe.
---
Re: "But wait ... don't you REALLY want to undo?"
Darn, you blew my cover.
Yes, a secret deal with Google, a plot to keep people from deleting their mail (so that Google can read it).
( and psst, don't even mention the NSA )

---
Let's take a step back though.
We're by now discussing the subtleties of visuals.
BUT
Does the darn thing work at all?

?