2. Here's the part that had me scratching my head -- Press Alt+E. This brings up an Extrusion menu allowing you to select "Region" or "Individual Faces"
3. Press "I".
|Alt+E brings up a menu for the selection context.|
|Applying insets on a per-face basis: big time saver!|
This saves me a lot of repeated action trying to copy insets across a number of faces in my mesh.