Sublime Text style multi line selection with Vim

The multiple selection feature of Sublime Text is something that helps you a lot when you're aiming to change a variable name multiple times in one file. This is immensely practical, also while re-factoring, changing font-names, colours or anything that appears more than one time in your files. The plugin can be found here: vim multiple cursors, I've also added it to my vim plugin repository.

Here an example, if I for example want to rename my callback function to cb:

The keybinding for selecting the next match is CTRL+N, to delete: x and to type something new: i (going to insert mode) cb.