I don't see enough here to make a very intelligent comment, so I'll risk it and make what might be a rather uninformed comment.
This was a misdirected reply on my part - the rest of the discussion can be found in the python-dev archives on python.org or gmane.
I think your comments were basically on target, though - the idea is to be able to 'recompile' portions of the interactive session, replacing the code objects inside the function structure. (or adding entries to class dictionaries, etc, etc)
Cheers, Nick.
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