Wow, I did not know that!
I would have referred to this using !$, which is one of the Bourne shell history substitutions. Like
$ mkdir awesome
$ cd !$
(The "!" has the connotation "history" in the shell, while the "$" has the connotation "last", as in regular expressions.)An advantage of the way you mentioned is that you could actually see the history item displayed on the command line before running the command!