iTunes 9.2 adds Undo & Redo commands: “Most applications have Undo and Redo commands, and iTunes has long had them available when editing song tags. Beginning with iTunes 9.2 (the latest version is 9.2.1), offers Undo and Redo commands which can be applied to songs which have been removed from or added to a playlist. Note, though, that these commands will not work for songs which have been removed from the Library.
As always, Undo is available from the Edit menu and can also be invoked using the keyboard with Command-Z. Redo is also in the Edit menu and can be done with the Command-Shift-Z keyboard shortcut.
I have no earlier version available for testing, but am confident 9.2 is when the feature I’ve noted was added. I regularly invoke the Undo keyboard shortcut just as a habitual response to a mistake, and I never witnessed the behavior prior to 9.2.
[crarko adds: I tested this, and it works as described.]
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(Via Mac OS X Hints.)