Pressing Ctrl+Z and Ctrl+Y does not always work. You have to deselect/click out of whatever you have selected, which is a little irritating. If you have a long string of commands to undo, even if you click off, one of the undos might leave something selected and render the keyboard shortcuts once again useless.
I am surprised this product shipped with the number of issues I'm having with it, and am a little disappointed that I have to spend this much time requesting basic functionality.