diff -r e5f78085499e Modules/readline.c
--- a/Modules/readline.c	Mon Aug 18 17:48:15 2014 +0300
+++ b/Modules/readline.c	Tue Aug 19 11:40:21 2014 +0200
@@ -73,6 +73,13 @@
                                    int num_matches, int max_length);
 #endif
 
+#if !defined(__APPLE__)
+static rl_hook_func_t *old_rl_startup_hook = (rl_hook_func_t *)NULL;
+static int hist_last_line_added;
+static int set_saved_history(void);
+static int operate_and_get_next(int count, int c);
+#endif
+
 /* Memory allocated for rl_completer_word_break_characters
    (see issue #17289 for the motivation). */
 static char *completer_word_break_characters;
@@ -126,6 +133,60 @@
 #define readlinestate_global ((readlinestate *)PyModule_GetState(PyState_FindModule(&readlinemodule)))
 
 
+#ifndef __APPLE__
+/* XXX: determine whether the following works on libedit */
+
+/* Following code taken from bash' bashline.c */
+
+/* The equivalent of the Korn shell C-o operate-and-get-next-history-line
+   editing command. */
+static int saved_history_line_to_use = -1;
+
+#define HISTORY_FULL() (history_is_stifled() && history_length >= history_max_entries)
+
+static int
+set_saved_history()
+{
+    /* XXX - compensate for assumption that history was `shuffled' if it was
+       actually not. */
+    if (HISTORY_FULL() &&
+	hist_last_line_added == 0 &&
+	saved_history_line_to_use < history_length - 1)
+	saved_history_line_to_use++;
+
+    if (saved_history_line_to_use >= 0)
+	rl_get_previous_history(history_length - saved_history_line_to_use, 0);
+    
+    saved_history_line_to_use = -1;
+    rl_startup_hook = old_rl_startup_hook;
+    
+    return 0;
+}
+
+static int
+operate_and_get_next (int count, int c)
+{
+    int where;
+
+    /* Accept the current line. */
+    rl_newline(1, c);
+    
+    /* Find the current line, and find the next line to use. */
+    where = where_history();
+    
+    if (HISTORY_FULL() || (where >= history_length - 1))
+	saved_history_line_to_use = where;
+    else
+	saved_history_line_to_use = where + 1;
+    
+    old_rl_startup_hook = rl_startup_hook;
+    rl_startup_hook = set_saved_history;
+    
+    return 0;
+}
+#endif
+
+
 /* Exported function to send one line to readline's init file parser */
 
 static PyObject *
@@ -1032,6 +1093,10 @@
            With libedit, this call makes readline() crash. */
         rl_variable_bind ("enable-meta-key", "off");
     }
+    
+    /* XXX: determine whether the following works on libedit */
+    rl_add_defun("operate-and-get-next", operate_and_get_next, -1);
+    rl_bind_key_if_unbound_in_map(CTRL('O'), operate_and_get_next, emacs_standard_keymap);
 #endif
 
     /* Initialize (allows .inputrc to override)