I figured out how to delete a snipe I'd placed, but my initial thought was to look on the item page that had the snipe on it. A button in the snipe info area would be great, and make things much easier and user friendly.

Thanks for your suggestion. That's an interesting idea.
The original intentions are:
1. Click "Snipe it" again.
2. Remove the checkbox from Activate snipe.
3. Submit your change.

That also works as your confirmation that you really want to delete it and would not allow to delete it by mistake ("what this button does?").

Didn't think about this. Other than unchecking active, if you bid "0", would that work?

Is that the purpose of this 'active' check box?

"0" means you want to snipe at 0.00. Unchecking "Active" means you don't want to snipe at all.

Understood, but both actions would 'cancel' a existing snipe, correct?

No.
Unchecking "Activate" will cancel it, while "0" is a legal snipe. You will not win anything with it, of course.