It would be user-friendly to add option similar to the recycle bin to manage and retrieve deleted items.Restoring backup is far from alternative plan because it's troublesome way.
Despite the idea seems appealing, I should note that every entity in Dynamics has state (Active\Inactive) and that state should be used to mark entities as obsolete. All the default views for core entities just don't show inactive records. And when there are pressure on performance or DB space after you have got all the confirmations you can run bulk record deletion.
Does it sound reasonable?