Very nice! Thanks you for sharing this!
It really seems very useful to have timestamps for every line of output.
I have tried to approximate this in the past, by setting my bash prompt to be:
export PS1='\[\e[00;37m\]$?\[\e[0m\]\[\033[1;32m\]\[\033[1;32m\][\t]\[\033[1;41m\]\u\[\033[1;41m\]@\[\033[1;41m\]\h:\[\033[0m\] \[\033[1;32m\]\w\[\033[0m\] \$ '
... which shows the previous command exit code, the current time (with second resolution) and the ordinary stuff like username host and working dir, so it looks somewhat like:
0[21:20:18]delian66@mypc: ~/Work $ slow_command
....
0[21:22:19]delian66@mypc: ~/Work $