Some observations on “live coding” (as apposed to dead coding? Perhaps “Performance Coding” is a better phrase): http://robmyers.org/weblog/2010/02/05/livecoding-as-realistic-artistic-practice/
The content would always seem to be generative art, which is bleached of humanity (usually). This is no to say this is a problem, just a limitation. One can not code the same way Jimmy Hendrix plays guitar as Jimmy is “playing” while the act of coding implies thinking (the opposite of reactivity).
If its the coding that is the “performance” then one would expect that the audience be privy to the code, not just its results. Exposing the code would mean that the code would not just have to be functional but aesthetic. At least readable to the layman, a sort of poetry (something that requires great skill and is not seen even in dead coding).