Back in my OS9 days (uh, two months ago...) Command+Y was a useful and thus often used keyboard shortcut for "Put Away". Get those synapses working, you can remember...
Its use was to, well, put things away; such as a removable disc. These days, one does not "put" discs "away" but instead "Ejects" them, one method being Command+E.
Another use for "Put Away" was to return an item to its original location, such as a file that had been dropped into the Trash that the user wanted to rescue, or to spite the Evil Empire, to Recycle. Well, obviously, this is not an "Eject" operation, so Command+E is not the answer.
I've checked my reference book. It's not covered. That's dumb.
I checked Spotlight. It's not found. Nor does an inspection of the menus uncover a substitute or replacement for it.
Now, Command+Y still has a use in Leopard. It's the shortcut for Quick Look. It's my understanding that Quick Look is new in Leopard. It is pretty nifty, conceptually. But I'm not sure why it's much better than a Long Look.
Put Away is no more, I think. It seems that this reliable old function has been, well, put away.