To be fair, that's not even a command; that's a shell expansion that automatically substitutes your previous command in place of the !! before executing it.
This is also why I disabled HISTIGNORE in both bash and zshell. zshell also allows me to press TAB to expand the command in-place before I press enter, so I can still use the shortcut without the danger.
http://www.commandlinefu.com/commands/browse
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The top all-time popular one is:
* run last command as root: $ sudo !!