Here's a possibly more comprehensive take on the same idea, illustrated by creating a badge:
http://www.youtube.com/watch?v=7RkvUX_4Ros
It demonstrates the creation of a graphical element in a live coding environment. The finished badge is then transferred to an iOS app and tweaked interactively.
One thing that isn't shown is that the code is simultaneously saved to a file within the Xcode project, so live tweaks and XCode project stay in sync.