It is decided that deleting answers just because they're wrong/incorrect is not condoned in StackExchange-land.
However, I feel it is a different situation when the answer is a borderline low-quality answer. What do I mean by "borderline low-quality?" I think a representative definition would be:
Borderline low-quality answers would be perfectly acceptable if they were correct, yet are close enough to "low-quality" that they could warrant deletion when they're wrong. These answers are typically short, don't give much reasoning, and don't really add value when they're wrong.
(I understand wrong answers can be informative, but the ones I'm discussing are not.)
As a concrete example, please see this review I just performed. This answer doesn't show enough work or demonstrate a process that would redeem it.
However, it's not clearly low quality--after all, if the answer was correct, it would be a perfectly acceptable answer. Hence, I consider it "borderline low-quality." I recommended deletion, but now I'm wondering what the community thinks about responding to these answers.
tl;dr: Should we delete borderline low-quality, wrong answers?
 Granted, nothing is ever "decided," community opinions change, etc. I'm writing this question under the assumption that this really was decided. It would be a perfectly fine answer (IMO) to say "Math.SE is going to forget about that, and delete wrong answers." Either way, my question is answered.