How to remap eject key on MacBook keyboard to "delete"?

I own a first generation MacBook Air and this has bothered me since the beginnings.

When I bought this thing, I was sure I'm not going to carry a DVD drive. I don't use it. WiFi has worked pretty well for me so far and in fact, lack of optical drive was the least problem I had with it (the worst was the heat and CPU frequency reduction).

But there's a useless eject key right in a place suited for a great delete key (the real delete, in PC terminology, of course). It'll help a lot when you're developing in Xcode. I feel it's handled at a lower level than standard keyboard shortcuts. Is there any way to remap it to delete?

Not related to remapping, but Ctrl D will do a forward delete in most OS X text fields.

I have no experience with the application myself, but perhaps DoubleCommand can help you?

Update

According to their website, KeyRemap4MacBook should be able to map the Eject button to a forward delete.

This MacRumors forum also has a thread on the same subject.

I also dislike using fn for any key, so I basically stopped using Forward Delete altogether. When I need the Forward Delete I often hold down Shift and use the cursor keys to make a selection, and then press Delete. Actually, I do this for every text I want to delete -- those cursor keys go into all directions. :-)

Karabiner (which replaced KeyRemap4MacBook) does provide a means to remap the Eject key. Just tested it with El Capitan GM, and it works fine.