I have to look this up so many times that I figured I should just blog about it and have it in one easy-to-find place. =)
Text/cursor control:
Alt-B / Alt-F
Move the cursor backward/forward one word
Ctrl-W / Alt-D
Delete one word to the left/right
Ctrl-A / Ctrl-E
Move the cursor to the beginning/end of the line
Ctrl-U / Ctrl-K
Erase line [...]