Current behaviour is very useful in my opinion, and it is at least semi-intuitive (by which I mean I didn't guess at first how to do this when I needed to, but when I eventually discovered it by accident, I understood it easily). It's hard to know when to stop when you're doing "C-y M-y M-y M-y
..." so it's easy to overshoot, and there needs to be an easy way to go
backwards. If you go too far you can redo, as Andreas said, and that part is completely intuitive.