[Walkman]

I don't know how it could be easier: You position inside a word anywhere, press CMD+OPTION+G; the next word is already selected, you can already edit it, no need to bring up Find panel.

[source99]

This does seem to work but its pretty painful key combination on my mac keyboard.

[0942v8653]

Or double-tap Command+D.

[source99]

This doesn't seem to work well as it highlights multiple instances of the word I was on. The current instance and the next instance(but not all instances).