Very nice, I know 3D Coat has a similar feature. The problem of shadows being projected on the texture would be solved by a flat shaded model if/when that becomes an option. Will the image export option be specifically for PSD files?
Exciting stuff...way to squeeze everyone into anticipation! ;D ...whereby I have a feeling your internal painting solution will be quite wonderful to begin with. It's just an assumption, of course... ...but!
i: I meant projection shadows, i.e. areas unseen from the projection view. The material shading does not get projected back onto the model, only the initially transparent paint layer. I might provide separate export of each layer as png images in case you can't edit psd files, but it wouldn't be as convenient of course.