Sadly because he had to switch streaming providers, the actual recording is split between livestream and justin.tv/twitch.tv. However, you can definitely go back and replay it all if you know where to look. Markus is also taking screenshots ever x seconds (sorry, no idea how big x is) which he'll use to make a video for his entry. That should give you a 10,000ft view of the process he went through to develop his game.
I believe that he permanently deleted his livestream account due to huge charges that were racked up due to the high traffic of the broadcast (something along the lines of $4,000 I want to say?), so the recorded video is no longer available at livestream last time I checked.
I recall seeing stop-motion videos from either previous Ludum Dare competitions or something similar, compiled from a whole bunch of screenshots like you say.
I'd be more interested in seeing how the actual code evolves - maybe setting something to check it into a VCS every time you save would work.
Figuring out a decent visualisation would be hard though.
