Quick note, if you are using the command edit/replace feature and are using a conditional command construct (echo "first command" && echo "second command!") the ^foo^bar syntax only replaces the first instance of the searched text.
echo "first command" && echo "second command!"
To replace every instance of that searched text, you have to use !!:gs/foo/bar; going back to my first example:
To replace all the instances of command in...
...you have to execute...
Further reading: Stack exchange
Yup I found out about it sometime after I wrote the original post almost 10 years ago. Thanks for the reminder!