Generally, no. Variables declared with var are local and are garbage collected when you return. If you omit the var then the variables are global, and using the delete keyword may be useful for global variables in some instances, but generally it's good practice to declare all variables with var anyway to not pollute the window namespace.
delete can be useful when using prototype-based inheritence though, e.g:
function myclass() {
this.variable = 'myvalue'
...
delete this.variable // finished with this variable
}
var inst = new myclass()
Bear in mind that if inst is deleted or becomes out of scope (garbage collected) all the attributes in it will be deleted as well. delete can also be useful for deleting items from hash tables:
var d = {}
d['blah'] = 'myvalue'
...
delete d['blah']
There are some browser-specific garbage collection bugs. IE sometimes has problems cleaning attributes in DOM elements and closures etc for example, though many of these problems have been reduced in IE8 I believe.