IntelliJ IDEA 10 makes this refactoring even easier and more pleasant to use. Below is a simple example with highlights for the enhancements.
1. You no longer have to select the code you want to convert into a variable. Just hit Ctrl+Alt+V / ⌘⌥V wherever your caret is
2. You will be given a list of possible expressions to convert into a variable. The list presents a better view and allows to think one more time. When you change the selection in the list, the highlighting in the editor repeats the selection.
3. Hit Enter on a needed option and you get a dialog that you’ve seen earlier. But it’s not exactly the same.
4. You can now choose a name for the variable from the list of options. IntelliJ IDEA is smart enough to offer meaningful names based on what you extract and the type of the variable (‘s’ stands for String).
5. The last thing is to activate the ‘Replace all occurrences‘ option and run the refactoring. Simple but smart and powerful.