Actually I was just reading through the waymarking.com release notes.
"- Added a new waymark status: Archived. Now you can archive a waymark
or delete it. Archive would be used for waymarks which are seasonal,
for instance. You can always unarchive a waymark, but you can't
undelete one. You may find that some previously deleted waymarks have
been resurrected as archived."
This one turns out to be exactly what I thought archiving was in the first place and I was wondering if the fact that it wouldn't actually be deleted would alleviate this fear.