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(The issue is apparently not tied to Rename; that's just where it's bitten me first.) If I have a function like this, where I want to rename the last argument: def foo(a, b=2.71, c = 42) puts a, b, c end then when I select "c" in the "puts" statement, the editor highlights "c" and "= 42" as well. So, when I press Ctrl-R to rename, I lose the default value.
Fixed by changeset c9e9bbbf7f0c