Absolutely. For those devs on this forum who are connected and interested, you may want to follow me on Google Buzz - I frequently share interesting web dev articles such as this (and would obviously appreciate if others did the same - it makes for interesting reading).
dammit how does buzz work?
anyways, nice solution.
i was previously doing it with an alternative jquery plugin called liquidcanvas, but the redraw was painfully slow.
maybe this will perform a bit better.