Recycler

The Recycler is an item which you can use to refund crafted materials. This means you could refund a Pickaxe or chest, but you could not refund an apple, or a flower.

Function
Allows you to refund any materials used for crafting, for example: you insert a Dispenser, you get 1 bow, 7 cobblestone and 1 redstone as refund. If you put an enchanted tool or weapon inside, it will give XP back as well. However, the lower the durability, the lower the XP refunded. You cannot refund smelted items, potions, Wool, Gold Ingot and Golden Apples. If you attempt to refund damaged tools, you won't get all the materials back (Example: a wooden sword with 1 use left, you refund it and you get only the stick). To recycle a item or a block you can right click it with the item or block in your hand, or pressing Q and wait for it on the top of the recycler. (if you throw it and the item stays in the top, it is unrecyclable.)

Trivia

 * Oddly, bread and cake can be refunded.
 * Refunding Nitro or TNT is extremely stupid.  Doint either will result in an explosion that does a small amount of damage, but doesn't destroy blocks.
 * Endermen can pick up a Recycler, which will recycle items they walk over.
 * If you have Clay Soldiers Mod, you can't recycle any horses, turtles, pegasi, or even clay soldiers by right click.

Examples
Cake -> Wheat,Sugar,Milk,and Egg

Bread ->Wheat

Swords -> Stick & Wood/Diamond/Stone/Iron/Gold