My team at the Node Knockout hackathon implemented an editor-agnostic version of this feature literally last weekend.
https://www.nodeknockout.com/entries/35-nodeist-colony
With Live Share, we're also looking to extend the collaboration experience beyond real-time editing, and into collaborative debugging, and more, as we continue to learn from the ecosystem what is needed to continue improving team cohesion, regardless of the app scenario/issue at hand.