I think that a “Back” as in go backwards type button would be very handy to have (Although I’m not sure where you’d put it on the touch screen.
Thus allowing you to go back to the last setting you’d just adjusted without having to guess where it was.
(and all the way backwards to when you first switched the unit on that day)
And forwards?
Sounds good to me.
AVID desks have a good feature called “history” where you can jump back to every single step you made! At least would love to see something like that in the iLive2! 
History/Back button. Yes.
+1
Great idea - would be very handy for those little mistakes!