Linux uses the term "Move to Trash". Just the word "Trash" is going to be a little confusing for some people, because it's not an action, but rather a location. As developers and advanced users, we need to take into account the people that don't know the in's and out's of WordPress and its functionality.

Delete sounds more permanent and it'd be nice to have the delete functionality at the end of the list or a hook to attach it on. It might be better to have the wording as "Move to Trash", "Trash It", "Recycle", or even "Remove".