Blend file: Attachment

Also, I can only find reference to "Make Normals Consistent" on this page in the documentation: Blender 2.60 - Subsurf: Limitations & Workaraounds

Edit to Error II: Repeat Last loses its memory anytime an Undo, Deletion, or Removal of a Modifier or Removal of a Material occurs, regardless of whether this affects the last object the action was performed on.

@Bryce C (BC369) I really like this concept, however I believe it would be best to have the tool options/settings in the tool settings editor. See my comment above. I think it would be interesting to have this work flow, especially if a face would be highlighted on mouse-over similarly to the Knife tool. However, you lose the ability to select multiple faces. Perhaps a solution like the way Solidworks handles extrusion: SOLIDWORKS EXTRUSION (52sec Video)

I believe the Redo panel should be a separate "editor" in the way the Outliner is. I also believe it should be located in the bottom right corner of the Default Layout.
Please see my mockup here: ToolSettings
Since the user typically has to scroll a lot in the properties panel anyways, I don't believe this would be too disruptive. Also, this would then be immediately obvious that it is a globally relevant panel. This would be much better than leaving it in the 3d Viewport, I believe.

Continuous grab: ON. Please Please Please. I have to turn it back on with every new release.

@Jonathan Williamson (carter2422) & @William Reynish (billrey):
Absolutely the tool specific hotkeys would and should be available while using the tool, which should be Click on manipulator handle and release, then move mouse to perform action along manipulator's path, curve, etc.

Sorry for the double post but....
This paradigm of having the tool active (pick it up and then set it down) lends another possibility. Typically, the user would be able to hit enter or click an Accept button in the tool shelf to "set the tool down" and deactivate it. If the user wanted to keep the tool active, they could either press a modifier key with enter (e.g. SHIFT+ENTER) to perform the action and keep the tool active so the user could for instance chain extrude an edge loop. Also a check box could be added next to the Accept button to "Keep tool active" for infinite uses in a row until the user presses ESCAPE or clicks a cancel button in the tool panel.

@Paweł Łyczkowski (plyczkowski): I believe @William Reynish (billrey)'s use case would be the following:

+1! I love this direction. Node Editor should be called such. Video Sequencer is a shorter name. The "Tools" column doesn't quite seem to be the right name. Perhaps there should be an Animation Tools column that includes Timeline, Graph Editor, Dope Sheet, NLA Editor, and Movie Clip Tracker (never actually used any of these since I don't animate so maybe not all of these are animation related but you can still see my point)

Oops. Doesn't really belong in this project. Didn't see the rules before. Please move this where it needs to be, I can't edit it now. Where do UI bugs go anyways?