Moving between Layers

Ok this is probably the most basic question ever but how do I move objects from one layer to another. I mean blender doesn’t have the traditional copy/paste options so how do I move object in layer 1 into layer 2 without having to remake the object?

I use both 2.4x and 2.5x but I’m leaning towards 2.5, still same question for both.

in object mode - press M then select the layer

(both 2.49 and 2.5)