in sed $ is the last line so to delete the last line:
sed '$d' <file>
Updated to include a way to delete multiple lines from the bottom of the file:
tac <file> | tail -n +3 | tac > <new_file>
tacreads the file backwards (catbackwards)tail -n +3reads the input starting at the nth linetacreads the input and reverses the order back to the original