No history stack or dynamic geometry in LightWave, sorry.
As for the feature, it's LighWave's history in all its glory !
Think of it as the milestone soft in 3D industry, where big 3D apps were thousand of dollars before.
So even if all LightWave features aren't on par with what you'd find in say Maya or XSI or Houdini, they're still more than capable for 90% of the time.
It's always the "secret weapon" of TV studios in the US where the FX of series like StarTrek or BattleStar Galactica or CSI are done with it, because of its ratio cross/quality.
Cheers,
Laurent aka Tartiflette
