This seems like a bug to me. If you select a local variable and change the value and then hit cancel the value gets changed anyway. I clicked cancel by accident after changing the variable, then figured I needed to do it again but it was changed already.
I verified a couple more times in other rules.
This is a browser interaction thing, where the page doesn't know what's happened until it happens -- sort of a race condition. It doesn't know the edit has been made (so as to remove the Cancel button), until the edit has been made, at which point, well, the edit has been done and its too late to Cancel. So the Cancel button really only applies before the edit has been made.
The alternative would be to force one to hit the update button on every edit. As it is now, simply entering a value completes the edit.
@terminal3: which way should it be? Forced completion or auto-completion? Given that with auto-completion you can't cancel once the change has been entered. While forced completion adds an extra step.
I had never actually seen this before and did not consider the issues of using a browser. I guess forced completion would be my preference, but I am sure that will prompt some post about how that is a an issue.
So whatever you you think will cause the least amount of user feedback. 
My instinct is to use auto-completion, to reduce the number of clicks to do something. Needing to cancel an edit is much less relevant than actually making one. You can always edit something a second time if you make a mistake.
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