Used to be able to hit K and bring up the Loop/Cut menu with the 4 different options of “Loop Cut” (which is still ctrl+R) :D, “Knife (Exact)” (available through the tools menu or by holding K and LMB) :yes:, “Knife (Midpoint)” (No idea where that is…) 
, and “Knife (Multiple)” (also nowhere to be found) :spin:.
I would greatly appreciate if anyone knew if and where these last two tools are available. the “Knife (Multiple)” is really very helpful when character modeling…:eyebrowlift2:
The knife in blender 2.5 is not fully implemented. Hold K and drag with left mouse button. Look at the bottom of the tool shelf (T) for options. Don’t expect these to work though.
Thats disappointing…I suppose I could make two normal knife cuts but its not as effective being unevenly spaced. and I don’t want a full loop cut either…Thanks for answering (really really quickly) though.
More of the mesh editing tools also do not like they will be incorporated into the blender 2.5/2.6. If you can survive trawling through the Blender 2.5 Development Updates thread, this discussion has been covered ad nauseum.
I just found out that you can do a midpoint knife cut if you hold down shift K and drag with the left mouse button.