OK, I just tried it out and here is what I came up with:
I died with Aegis of Life (1 charge) being the only worn clicky item in my possession. I used the charge. When I zoned back in, the item was missing from my inventory, however the item on the corpse had gotten its charge back.
I died with Talisman of the Burrower (unlimited charges) being the only worn clicky item in my possession. When I zoned back in, the item was both in my inventory and my corpse (duplicated.) However, both items worked normally, so at least that part of the above report was incorrect.
I died with Aegis of Life (1 charge) and Talisman of the Burrower (unlimited charges) being the only worn clicky items in my possession. I used the charge on Aegis. When I zoned back in, BOTH items were duplicated on my corpse and inventory. Aegis of Life in my inventory still showed as the charge being used, however the one on the corpse once again had the charge replenished.
I hope this helps some!
Also, the Wee Harvester
http://lucy.allakhazam.com/item.html?id=13980 is an example of a worn clicky with 20 charges that still deletes when the last charge is used, I remember from Live it should not do so.