I've implemented a whole rich code editor/language around that, here is an old essay about it:
http://research.microsoft.com/en-us/projects/liveprogramming...
And a more recent version of the system:
http://research.microsoft.com/en-us/um/people/smcdirm/apx/in...
I did a quick calculation a while back. I don't want to repeat it, since I lost the source, but the conclusion was that typing speed doesn't matter for programmers, since most of the time they actually think, not type. I.e. the bottleneck is information no the input of it.
It's the friction of entering those other representations that's the problem.
The use of an interface drops off in greater proportion to the difficulty of using it - Nev's law
(IE, if a user interface is twice as difficult to use (takes twice as long to do things or takes twice as many steps for example), then it will be used by much less than half as many people.)
Also reading is important, and having concise, short code is a boon to understanding code. In most cases, every extra non-comment character is just a place for bugs or misunderstandings to hide.