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From: Oleksandr Gavenko <gavenkoa@gmail.com>
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Subject: Re: What I'm missing when using M-x shell
Date: Fri, 12 Sep 2008 20:59:08 +0300
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Francis Moreau wrote:
>   4/ There's no readline "yank-last-arg" function which inserts the last
>       argument to the previous commands

Is the feature useful?
In C-x shell you can move cursor to select any previous typing and 
pressing M-> to back to writing command.