We didn't even notice Delay wasn't around (I'm not sure the GMs have noticed at all, and since it's only used in game-appropriate ways haven't rememberd to bring it up), but I don't see any issues to allowing delay as long as it only hurts you (that is, as long as it causes you to go later and thus lose time). As such, effects you're maintaining should go away when you delay, and you shouldn't be able to delay if you're under any constraint on your actions. And, indeed, nobody's tried shenanigans, just used Delay for appropriate things like "I should probably wait until -after- the wizard dispels the darkness/force effect before I try to do something."