Don't think it's a substitute for "put away" - it simply undoes what you last did in the Finder.
I was hoping it would "stick" with the icon and allow me to undo the last thing I did to it. Not sure what constitutes doing something else in the Finder, but just opening and closing windows hasn't taken the Undo Move option away. Time will tell...
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Not sure what constitutes doing something else in the Finder
Moving a file/folder, of course. Here are a few more things you can do: renaming a file/folder, adding/removing items from a folder, creating a folder, searching for a file/folder, creating a Smart Folder from said search, labeling a file/folder, changing the display from icon to List to Column to Cover Flow in any and all combinations, un-mounting a volume, adding/removing items to/from the Sidebar, adding/removing items to/from the Toolbar, making duplicates of files/folders, making aliases, compressing files/folders, burning a disk. I'm sure there are more but those just came to mind (what little there is left of it!).