I use it every day. It pretty much does those things. The little Heart button is your "remember the current song".

The really confusing/annoying thing for me is there's no history AFAIK. So no looking up the previous song if you didn't get to hit the heart button because you were driving. Even finding a previous streaming/radio playlist is impossible sometimes. Click away from it, and now how do you get back? On the iPad: You don't AFAICT. Best you can do is bring up the Up Next list if you don't remember the search/navigation that found the playlist in the first place.