The great thing about watching them coding "live" is that you can see into their thought processes: which mistakes they make, how they figure out the mistakes and recover from them, exploratory code they write and throw away, the order they do things, how they evolve simple examples into complex programs. You don't get any of that from just seeing the finished product.
It's also great for picking up mundane practical tips, like tab completion, GNU screen, shell history, and how to quickly look up documentation.