As intuitive as most parts of modo are, I don’t think snapping is all that easy to “get”… Or at least I haven’t really gotten it entirely yet. But I came one step closer today:

The Task: Find an easy way to snap a vertex to another vertex within the same Item

Solution: Enable Snapping in Geometry Mode and then in the Tool Properties on the left, make sure to select either “Foreground” or “Both” under Layers (not realizing that this option exists was my long-time mistake, as it was set to “Background” by default). Now press [t] for the Element Move Tool and start snapping vertices!

Bonus Tip: Check the Snaps and Precision pop-out-menu unter Basic Tools…