Your comments

I'd recommend using '--new-instance' for this flag. It's seems more accurate as we're requesting a separate running instance of ST2. Additionally, you might need a second flag '--no-remembered-files' to implement this fully and cleanly.

I'd really like to second this request as I currently use ST2 as the editor for GIT and HG. I can obtain almost correct behavior for merging, editing commits, etc, by using:
sublime_text.exe --wait --new-window %S
This works, as I said, _almost_ correctly. When I close the resultant window, control returns to the command line as it should _unless_ I have ST2 wasn't already running and ("remember_open_files": true). If that's the case, then, I must exit the program to get return of control to the command line. It'd would be easier and much more consistent if I could open a new separate instance which doesn't open remembered files and which is always closed with "File / Exit". This would be my preferred syntax:
sublime_text.exe --wait --new-instance --no-remembered-files %S
Thanks for your attention.