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Wow! This is quite awesome!

Would love to have live streaming capability for this (though I can't think about a reason to use it yet, but I'm sure it'll be handy.)

Actually, I am working on something similar i.e being able to share terminals using browser.

Cool! Realtime terminal hacking... now that's something I can use.

This has existed for ages in the form of GNU Screen. (Or Byobu, if you want a variation with bells and whistles.)