BTW 10.8.1 even behaves a bit better, if you will, than 10.4.4 in this regard, as it uses a timeout (I guess 10 seconds) after which a change of the same parameter does create another undo step. So if you change a region's gain, wait 11 seconds, then change the gain once more, you will have two undo steps. This does not happen in 10.4.4: You can wait as long as you like, repeated changes of the same parameter will always only result in one single undo step. I just verifed that in my 10.4.4 backup version.