in v7 create a SubD object (box, whatever) subselect one face, then shift click on the square (not the handles) to scale 2d and while scaling add cmd which produces an inset.
in v8, v9 this is no longer possible, the additinal shift causes the gumball and the face to move instead, the inset is created though but the entire face gets moved around freely making it impossible to be pinned down properly.
