From: Allan Odgaard
I am aware of the requests for an "last edit stack", I am still undecided about whether or not to do one, [...]
A feature that I really loved in CodeWright (for Windows, now sadly discontinued) was that cursor movements would be placed in the undo stack along with edits. Move the cursor, and it was a simple undo operation to return to where you were. It also had a feature to compress multiple movements into a single undo item, so if you use the arrows to go up 10 lines it's a single undo to return to your last edit point.
CodeWright would also combine a continuous series of edits into a single undo item, so you didn't have to hold the undo key for a long time to get rid of your entire last change character by character.