Isn't that just the standard punch-in recording feature? I only just got to try it out in earnest on the weekend, and (despite recalling lots of complaints here about it) I really like it.
IIRC, the complaints aren't about the way it works, but what it does with the fallout - or more to the point, what it
doesn't do with it. It assumes (incorrectly in a lot of cases) that you want to keep every take; even the ones you blew your nose in, and when the doorbell went, etc. It would appear that most people would rather not keep them all that crap that they haven't used, and the arrangements for handling this situation - well, basically they don't exist. Hence the clever workaround that was posted on
Fort Knox the Adobe forum. Considering that it doesn't touch the app at all, it's almost elegant, in fact.