Preserving past command history across sessions can be useful. There are some newer ways to do this under Powershell 3 and external scripts that also restore the ability to use the up arrow to cycle through past commands.

As the first step for my setup, I'm only concentrating on preserving history and getting it working with Powershell 2. If anyone else has experience with the more advanced methods that work with 3 or above, feel free to share it here.

I've added the following into my profile script (from an MS MVP on StackOverflow):
Code:
#Register an exit event to save history
Register-EngineEvent PowerShell.Exiting {
    Get-History -Count 32767 | Group CommandLine | 
    Foreach {$_.Group[0]} | Export-CliXml "$home\pshist.xml" } -SupportEvent

#And restore history from that file 
Import-CliXml "$home\pshist.xml" | Add-History