I'm suggesting this, as another game has this implemented. Garry's Mod has recently implemented a code change which monitors the directory of code, and if there is a change, it reloads the code without having to reload the map; even if you make a syntax error ( Unless it's in a render hook, then you'll need to reconnect to your dev server ).

If you edit a client side file, client side code is refreshed.
If you edit a server side file, server side code is refreshed.
If you edit a shared file, both client and server code is refreshed.

There are hooks so that certain code only executes once ( Initialize, InitPostEntity, etc ), and then you can have normal scripts which are non-hook-driven and always reloaded dependent of the above circumstances.

What are the benefits?
You can have the game open on one screen, code open on another, and literally code in real-time and track changes while never reloading the map. I have code set up so that vehicle tables can be rebuilt with new lighting information, light patterns, colors all on the fly by tapping CTRL+S in the code window.

This can help new developers learn by allowing them direct feedback when they update their code instead of having to exit game-play, then reload albeit pretty fast as it is.

Edit & Save > Auto Refreshed > Error > Edit & Save > Auto Refreshed > Good

I'd say this is low priority as of right now, but would definitely be an incredible addition to the Arma series.