I am totally BLOWN away.
It seems that Chromoly's add-on Vertex Slide (modified by JMR for 2.57) STILL works in the latest 2.62 with Bmesh. It crashes in Texture mode, but so far no other issues.
Chromoly's Vertex Slide is far more superior than the current vertex slide, because Chromoly's version allows you to move multiple vertices.
I couldn't find a latest version online, to share with the rest. But if someone can explain me how to put it on Graphicall, I'd be happy to.
Hopefully some of the developers will take a look at this; maybe with some small changes it can make it into trunk.