Measure of singles, measure of doubles, measure of paradiddles. Start at a slow tempo and focus on making your singles, doubles and 'diddles sound exactly the same. Continue by substituting inversions of the paradiddle in the last measure. The point of the exercise is creating the even sound so that a listener would not be able to discern between the different sticking.
That's one of my favorites, too. I found it (or something nearly the same), on drummerworld.com. It's a Joe Morello exercise, and is doing wonders for my hands. During pad time, it's the thing I work on the most.