The current tool for displaying XY data in ArcMap allows you to specify fields for the x and y coords and a z value. It would be terrific if it would also allow you to use measure values as well. There are a lot of types of natural resource related data (hydrology and seismology for example), that come in text format, complete with station measures. Creating the route feature classes from this type of data is more difficult than it needs to be.
There are tools available in ArcScripts that allow you to import text files with measure values, but this would be better in core.