A comment directed to popular demand, posted and deleted in my question about high rep users is still in my and popular demands' global inbox.
Additionally, edits do not affect the global inbox.
Deletions are now reflected* in the inbox.
There is, of course, a natural race condition; wherein you load a page with a notice right before the originating user deletes the answer/comment. That's not going to be addressed.
As for edits, we're unlikely to ever reflect those in the inbox. Its a lot of trouble (technically), when you're almost always just going to go and read the post/comment.
*This is "going forward," old items that are in the inbox that correspond to deleted posts or comments will remain. At least for the time being.
Update 2011-02-20 — This seems to have been fixed again?