I use Alt-! (Alt-Bang) a lot in Emacs. One of the big things I use it for is
Alt-! cat $logfile | grep 'this' # show me one kind of event
or sometimes
Alt-! cat $logfile | grep 'this' | wc -l # count that one event's occurrences
Two things:
1) No tab-completion from this prompt: why not?
2) What if instead of $logfile, I want to scan one of the Emacs buffers?