Or are you talking about some strict old Smalltalk-80?
While you could change a parameter like color in some text-representation of the live code, wouldn't it be more natural (in Smalltalk) to simply change the object [ed: object instance] in question (and see the immediate change)?
I'm considering things like:
http://pharo.gforge.inria.fr/PBE1/PBE1ch7.html#x32-111006r22...
If Smalltalk allows editing values of variables of running code, and hot code loading -- what is missing? Is it the fact that other systems define the source code as "the truth", and consider the byte/compiled code to be a "secondary artefact" that causes (my) confusion?
Because as far as I can tell, Smalltalk does allow you to manipulate the objects that make up your system live?