#1 - Oct. 8, 2011, 11:49 p.m.
Normally, the option to teleport to the current location is grayed out. However, when it is the latest checkpoint, it is selectable. See image below:
http://i.imgur.com/ELibN.jpg
Also of note is that it doesn't teleport you on top of the waypoint, it teleports you 10 feet away (see next image).
http://i.imgur.com/V37VQ.jpg