First of all thank you for your feedback. It is much appreciated.
I am still waiting for a logical explanation as to why cycling sucks. I think this is the crux to the debate. I have tried to provide a logical explanation as to why cycling with one key for several visual options is better than a three key combination for individual options, ie, there is less keystrokes involved, it is easier to manipulate, and less prone to errors.
Cycling with one key may be uncoventional, but open source development does not always have to meet convention. It is there to also be innovative. I am a bit concern that unconventional ideas that may be logical and efficient are thrown out do to "conventional" perceptions. It may be that the future development of Blender could require the use of cycling with one key for visual options as a viable alternative or solution. Who knows, maybe some of the big commercial apps might considerate it an option.
About the '/' key:
I still prefer to use the Ctl key to cycle as I would not want to have other users with different keyboards have to press two or more keys to cycle with '/' key. It defeats the purpose of using one key to cycle. Though some people think the CTL key should not be used because it is commonly used, it for that very reason that the CTL key could be used. Users are already familier with it. Also, the '/' is used quite a bit, so I don't think the reason is valid enough to not use the CTL key because it is often used. Most keys are used on the keyboard. It's a matter of finding one that is easily accessible for the majority of different keyboards. CTL is such a key.
About CTL + Spacebar:
I really like this option and hope it doesn't change for this release. The hand is already positioned to use CTL, SHIFT, ALT etc so it is easily manipulated. The menu provides all the options and is very useful even working with the icons, especially for turning all the widgets on at once.
Cycling sucks because:
1. It is not a direct shortcut, and therefor not optimal.
2, It is prone to error - Miss your selection, and you have to cycle through them all again.
3. It doesn't work instinctively - when you are to select a mode, you have to first consider what mode you're in, and then calculate the number of keypresses, or go through them visually and slowly. Some may be able to do this faster, doesn't mean everyone will.
I'm not a big fan of the new direct shortcuts, having to press three keys is not optimal workflow for such an important feature. but ctrl+spacebar works fine for me. My hands are always on ctrl, space and the mouse. All choices are presented to me at the same time, and all at a constant distance from origin. I hardly ever need to read the actual text.