Idea is to use the backspace button to delete a point during edit mode when creating a polyline, point or polygon. For example when you are digitizing a lake and you accidentaly place a point that is not on the line, by pressing the backspace button that point is deleted and you can continue with your next point. Currently you have to right click on top of the point and hit delete vertex. This is time consuming and often when you are rushing it takes a few clicks to for ArcGIS to find the point.
On a side note is there anyway to increase the search radius in edit mode when trying to click on a point? The software doesn't leave much of a clickable area surrounding points. I don't know why I haven't asked this sooner.