General: What is the LIVE UPDATE feature?

When a texture has been wrapped onto a model that’s currently being edited, ZBrush continuously monitors it for changes. If you modify the texture in an external application and then save it, ZBrush will immediately update with the new information. When you switch back to ZBrush, your model will have the new version of the texture already applied to it.

is there anyway to get this to work in newer versions?