Occasionally I'll add an item to a wish list, and then later, decide I don't want it any more. It would be more convenient to click a delete button from list view, then to click the edit link, scroll to the bottom, and then click the delete button.

Personally I would put the X (delete) button in the upper right hand corner and place the priority management buttons, the arrows to move up and down the list, on the left top side of the item.