When I'm coding with someone we're not usually on the same files or piece of code anyway. And I don't get any value from seeing them type away at the code file that they are focused in, or knowing which file they're in beyond the name. It's a simple "hey mate what line are you on?" question.
I get excellent value from talking to and seeing the other devs face to face figuring out where their head's at and what 'page' they're on. That's the stuff of a proper realtime and face to face code sesh IMHO.