Nice, I've not heard of this before and I'm about to start the process of picking a code editor for my ipad.
I will say this, I wonder if Apple would approve it if you were running the code locally. They've certainly eased off in some respects about people running interpreted code locally for certain applications. The difficultly would be then building the interpreter in without a load of hacks and workarounds and spending lots of time for Apple to potentially say no.
