This does not seem to cycle between enemies effeciently. This goes for next/prev enemy and next/prev anything.

When you do next, it will cycle through the targets infinitely. If you do previous, it will cycle until it gets to 'no target', which it will then stop cycling. Previous will only cycle down, it won't wrap around.

Known issue. Actually for a long time now. It just hasn't been given high priority. Unknown whether it'll be fixed anytime soon.

It should be bumped fairly high, IMO; situational awareness is crucial in combat, and proper cycling helps that a lot.