Don't forget that, like eeprom, SD Cards have an endurance rating and that can be quite a lot lower than eeprom. In normal photographic use it's not much of a problem as it's format, use, download images, re-format ( delete all ) and the occasional delete image doesn't have much affect on longevity in the scheme of things.
With an 'industry standard' file system on the card to allow for inter-operability it may also be that deleting an image requires an update to the File Allocation Table (FAT) and this may require read-erase-write updates on the sector where that is held. Internal wear-levelling mechanisms should help there but with a full card, there's only limited options on what the card can do. The more used on a card, the greater the chance of hammering on particular sectors.
Assuming no FAT thrashing, one shot per second, 500 shots per card, endurance of 100,000 erase cycles; that's 50,000,000 shots or seconds of lifetime, 580 days. Some cards I have seen rated at 10,000 erase cycles, 27 years used each day, but just 58 days at one per second.