JetBrains webstorm looks really cool, I wish they'd push that functionality into PyCharm.
The Live Edit functionality is provided by a plugin, so it should work in PyCharm as well. I know that it works in RubyMine.
You're right: http://plugins.jetbrains.com/plugin/?id=7007
It must have been just over a year ago I last checked, and it looks like it's been available since last July!