interesting idea but I think probably not as flexible as the make out, as there is the issue of syncing the colour transitions to extrusion rate.
Fine of you want each layer different colour but I can't see it being able to do different colours within a layer with much accuracy, and performance is likely to differ significantly between 3D printers.
There may also be issues of the different filaments having slightly different physical properties, leading to differences in extrusion rates.