I found a glitch in the Xbox 360 version with Tim where if you spam the run buttons fast enough you can teleport to a random location that you've used the rewind ability. I haven't tested this on pc or other consoles though so I dont know if it works on there.
haven't played smb in quite a while, but i thought it sent you to the last placed you used the ability. that's what i remember
I found it myself just 10 Minutes ago, it is weird. It doesn't seem to work if you go to a different level, it seems to teleport to a location in the level that you were at at some point. I don't know what exactly makes you teleport to a specific point but knowing that would be HUGE for ILs on Cyberscore
It still works between levels, it's just that the coordinates don't always match with the camera