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I think so.
At least it's a nice preview of the potential of this new approach, IMO.
More info about it can be found here:
http://blogs.msdn.co...ger-canvas.aspx
On an interesting note, I'm working on a similar tool codenamed Conception. I've started getting relevant ideas and interest in this topic about 1 year ago, and only later found out about similar work by Code Bubbles and its branches when doing previous work research. Thank god there was some work going on by others too, I was afraid I was the only one to think about alternative approaches...
What are your thoughts? Do you agree this could pave the way for a better way to develop in the future, or do you strongly believe nothing will ever top a glorified text editor (aka existing Visual Studio, Xcode, Sublime Text 2)?