When you're debugging your items or investigate in surprising trigger behaviour, you often navigate around between item configuration and data. While you can open a second frontend window, you'd still have to navigate to Latest data and then pick the right host or do the same via the search. Both require some mouse-work or typing.

I suggest two hyperlinks:

• Link on the item list that points to "Last 500 values".
  The idea behind that is, it works for text and numeric data and allows to easily spot gaps in the data. The lack of temporal navigation should make it fool-proof.

• Link on the host header
  It takes you to Latest data and picks the corresponding host and current host group setting, if available.

Both are not visible on templates, as there is no data. On discovered items the link takes you to the particular values for the host, as expected. The first link of link does not show up on the item prototype page.