How easy/hard/logical would it be to implement this for a medium-size website with about 250k monthly visits?
At my last company, we handled about 20 million API requests a day through a PHP API. Granted, the request and response were smaller than a standard webpage, but that was using stock PHP (hell it wasn't even custom compiled, it came straight from the Debian packages).
So, you need to hit a pretty huge amount of traffic before something like this makes sense. Of course, it's always neat technology to play with.