I prefer the Vi mode, though. Add to your .bashrc
set -o vi
Then you can press escape to go from input mode to normal mode; there k will take you to the previous line in command line history, j to the next line, ^ and $ to the beginning and end of the line, /something will search something back.
Editing is really fast; move by words with w (forward) and b (backward), do cw to replace a word, r to replace a letter, i to go back to input. It will remember the last editing command, just as Vi, and repeat it when you press . in normal mode.