This is a trick not many are aware of in Explorer. Especially in Windows Vista that added Redo (Windows XP only had Undo) and you as default don't see the Edit menu. You can quickly activate the menus by holding down the Alt key.
Here is what I start with as a test.
I rename the files.
Then I start using CTRL+Z for Undo. I can undo the renaming of all files in three steps.
Then I try CTRL+Y for Redo. I can redo all steps.
Undo and Redo seems to work for some actions like renaming, deleting and copying files. So if you unintentionally deleted a bunch of files and folders you can undo that quickly without having to go to the Recycle Bin.