it still doesn't switch to the last used app first, though. That would be very nice. Makes switching a lot faster if you have a bunch of apps in the background that you don't want to switch to anyway (like clock, finder and grab).
If you accidentally command-tab past the app you wanted, just Command-shift-tab to go back. I believe this is similar to Mac OS 9.
I use Proteron's "Liteswitch" under OS 8.6 -- what a great little piece of software -- free, too: http://www.proteron.com/liteswitch/. It puts the command-tab action in OS 9 and X to shame, letting you quit/hide multiple applications while switching programs, all with a couple of keystrokes.