New idea: you've searched way back in history (^R), found what you want, and hit RET, only to realize that you really wanted to hit ^O.
Well now you have to search all over again (^R) and then hit ^N to get the same effect. Well perhaps there could be a "morning after pill" keystroke added. Bash could always remember the last search position (not just last search string), just in case one needed it... and have it bound to some key.