In reply to Peter Knight.

Rick what you mean with "live site"? Do anybody on the Earth code the site without possibilities to see an output? What is the opposite of live site? It does not exist.
If code editor or theme customization or whatever is in the WP, it does not mean, that you have to do it on a production site. It just give you a possibility to do some changes without external software like ftp client or editor directly in the browser inside your application.

Millions and probably majority of WP sites are blogs and simple websites without a huge audience. With feature like code editor, all these people will be able to make their small changes easier now.