Thanks for sharing this. After reading your post I realized that I can edit and run really long command. This definitely saves few keyboard hits and comes handy.
Regarding running last executed commands there are few more ticks. You can using bang command "!". This doesn't provide you luxury to edit and run. it simply run the command.
If you type "!find" it will try to run last "find" command. You can write the very first character of command it will find the last executed one and run it again.
If you want to run just last command executed, run "!!"