I though when a record is deleted, or no longer meets the criteria, the time dependent workflow queue removes the email reminder action from the queue
Use Case I have a Time dependent Work Flow on the Lead object with following criteria
Lead Stage = 'Open' Lead CreatedBy.Name ='Site User'
Action = Send email 7 days after created date.
Basically, if a Lead is open 7 days after the created date, send out an email to the lead owner.
I deleted the lead on the 5th day, after it was created, yet the email was sent to the Lead after 7th day from created date.