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Would that be interesting? You get to see web 2.0 services in development from the very beginning. Many of these services might not even allow you to enter any data, but at least you would get to see what they look like on a daily basis. You can give really early feedback as well.
Many startups already let you do this, if you find them on launch. news.ycombinator's a good example: it was incredibly bare-bones from the beginning, and you've been able to watch it grow. If you were into Reddit at the beginning, you got to see that one evolve too.
A lot of the work in starting up a startup involves mundane things like setting up servers, version control, feedback links, testing, etc. There's really nothing to see there.
I'm tempted to open up my Subversion repository eventually (I started checking into svn after 1.5 weeks, when the app was basically nothing more than a login page), but I can't really do that until:
a.) We've launched, so that we actually gain any of the publicity benefits of being an "open" startup
b.) We have enough of a technological lead that it wouldn't be disastrous to have someone download the svn repository and immediately setup a clone. LiveJournal, for example, has gotten about zero leverage out of being open-source and had to deal with some fairly significant hassles.
I'm thinking of doing something like this for a service I'm building to help people understand and remember books, videos, podcasts, online documents, etc.
Really early feedback can help me build a better user interface for example.
I think mini documentaries about startups would be awesome. They could use the justin.tv tech, maybe ycombinator should do that for the next batch of startups.
We do develop javascript software live on our webserver:
en.gibney.org/javascript_software/