Don't feel bad about never noticing that.  If we hadn't covered it in our classes, I would have never noticed either, and I've talked to many excellent modelers who didn't know what that feature can really do, and thought it was just for animating objects or something mundane.

It's a really powerful procedural feature, that lends a great deal of practical use to the edit poly modifier, and gives options to your workflow that I haven't seen an equal to in many other modeling packages.

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