I do think it is a fairly common feature in recent games.
One parallel I can think of is from the moba/competitive scene where games are recorded for playback and viewing in a client. This allows for multiple viewers of the game inside the client without recording a video and actual "live spectating", saving playbacks, continuing from a point in a replay (very useful in Starcraft 2) and so forth. Here's one of the first articles I stumbled upon when googling:
http://www.gamasutra.com/view/fea...play_building_a_game_.php?print=1
I would imagine this is more often implemented on top of the engine layer though (working in the script world), and not combined with hot dll loading. In any case, it seems very similar and if there's something I'm actually missing which makes it totally different, I'd like to hear about it.
On another note, I love the translucent window idea, even though in most real life (non streaming) situations it can be avoided with multiple monitors.