Ok, so it looks like Windows - Tab and Ctrl - Windows - Tab do the effect slightly differently.

Windows - Tab, the windows key has to be held down, when released it picks the window on top. Tab cycles through them.

Ctrl - Windows - Tab - Once pressed, windows and ctrl can be released, tab cycles, and enter selects. Either mode also allows the scroll wheel to be used to move through, and the mouse to select.

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and I am sure all the Macoligists already have something better

Exposé, implemented in OS X 2.5 years ago. It was one thing I was hoping Microsoft would actually rip off. http://youtube.com/watch?v=2XFMSSrpTqg is a good demo of it in the 3 modes it has. The binding can be changes to any key, any mouse button, or screen corners. And the buttons are context sensitive. Tap the key and let go, and the mode locks in till you select a window. Hold the key down, and the mode goes away when the key is released. One big use of it is the desktop mode, where you need to grab a file to attach to an e-mail. Hit the desktop key, grab and hold the file, then release the key and drop the file.