You can undo edits to any automation data, so if you ‘write’ a channel fader at your preferred level, or automate a plug in parameter, eq, send etc, any changes you make afterwards can be undone.
Just want to add a definition for branching undo, which would be a great feature for Cubase. In this manner they solve the problem Split pointed about about how unwieldy the undo list would become.
The ability to undo/redo volume and pan adjustments in the mixer would be my number one feature request. The ability to undo/redo changes in plugins would be my second most desired feature request. I can’t count how many times I have accidentally clicked on a volume control and moved it unintentionally, and even when the change is intentional and I decide I don’t like the change, it would be nice to ctrl-z right back to where it was.
Though off topic, my third and fourth feature requests would be:
3. The ability to save FX Channel Track Presets
4. K-System meter integration in the mixer, something like found in PSP Xenon