I got this from bandai:
Thank you for your interest in the new Tamagotchi Connection.
No official release date is set for the V5 other than it will be out sometime in Spring 2008.
First, you go to the presents screen, choose items, go to the item you want to delete, press B and then Press AYou will get a screen that says " trash?"press B and choose yes! ;)
Tamagotchi's Name:Dale
Tamagotchi's Age: 3
Date of Birth: 1/2/07
Date of Passing:1/5/07
What Generation? 1
Your Comments: Oh Dale!!!!! You Were The Perfect Tama!
:D