This is the replacement script of the standard script triggered from the "1" key. Yes, is goes to the vertex level for editing vertices. But makes this in more smart way. If you have a lot of modifiers above your base object typically after pressing the 1 key you get into editing the first sub-object level of the modifier. But we need editing vertices. Along with base objects it also picks the upper edit_poly or similar modifier. Version 0.4 seems to be polished enough.