Tip: You can use KeyRemap4Macbook [1] to map the stupid eject button on MBP to delete. And if you use vim, you can map Escape to Delete and vice versa. Very useful.
That's a poor substitute. These tiny arrows are hard enough to hit on their own. Chording doesn't make it better, especially since often you need Shift-PGUP, Shift-Home etc.
[1] http://pqrs.org/macosx/keyremap4macbook/