With C-r you need to first type C-r, then type your search key. With the OP's inputrc nice hack, you first type the begining of your command, and then up. To me it is very different.
You sure? Not in the bash versions (3 & 4) I'm using... In anycase, I'll stick to C-R since I know it works universally. And I depend on C-R quite a bit.
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