I've installed the latest BASH from sources (bash-3.0.tar.gz).
On this bash (3.00.0) the UP/DOWN-arrow command recall feature is messed-up.
Typical bad behavior:
Assume I am at the "blank" prompt after having executed in sequence cmd[n-2],
then cmd[n-1] and finally cmd[n].
I now press the UP-arrow three times (and see cmd[n-2], as I would expect).
So far so good.
From there I start pressing the DOWN-arrow.
On first press I get cmd[n-1] (OK), on second, cmd[n] (OK).
On third press expecting to get back to the "blank" prompt,
I get cmd[n-1] instead.
And it goes like that from there, worse and worse, as if the
DOWN-arrow cannot properly scan the history buffer
(still in memory until the logout, I suppose).