There's some changes[1] you can't make in Edit and Continue without a full restart. This has bitten me a bit with NancyFx, as all of your routes are defined as lambdas (thus can't edit anything live).
IIRC, Edit and Continue in Visual Studio products (I believe it was there in VC++ as well as VB when it was first introduced) was a feature in at least one Lisp version (maybe Franz Lisp or another popular commercial Lisp product at the time) - before it was introduced in VS. I remember this because I had been trying out either or both of those Lisps at the time, and soon after that, I read about the Edit and Continue feature in the next-released VS product. I think I emailed about it to a friend at the time.
[1] http://msdn.microsoft.com/en-us/library/ms164927.aspx