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I cannot comprehend why that symbol is not on the keyboard. There are two words on the key, neither one of which is used on the screen. Insane.

It used to be, but was removed.

I wish there was some sort of changelog for Apple internal policies/decisions that end up being public facing.

It is on most the international keyboards. Why they leave it out from the US and JP keyboard, I don't know.

I think of that symbol as a fork in the road, an "option". Control, on the other hand, is just ^, same as in Unix.

(I'm not saying it's a good symbol, but that's how I remember what it means.)

My friend used to call it the "escalator" symbol.

It is pretty abstract. I see it as a representation of a switch or two different alternatives.

It is on my (UK layout) MBA and Bluetooth keyboard (although its also labelled as Alt and not Opt).

Control doesn't have a symbol on it though.