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Yes, listtransactions "*" <count> is possible. The other account routines could return a new "invalid account name" error if given "*".
I've got two issues with it, though:
1. listtransactions "*" will have to iterate over every transaction in the wallet (transactions are not indexed by time), which will be slow for large wallets and will get slower over time. And indexing transactions just so that listtransactions * is fast violates the "an optional feature shouldn't cost anything if it is not used" principle.
2. What is the use case for "list the last N transactions across all accounts" ? The only one I can come up with is developing an alternate GUI that communicates with bitcoind via the JSON-RPC, but to support that at least a couple of other features would have to be added at the same time (e.g. listtransactions would needs to add account and bitcoin address information to the objects it returns....)