Scott, whenever the zbrush SDK is released, i’ll begin work on this. I’ve been tossing around the idea of texturing in zbrush on seperate layers for quite some time now.
Imagine texturing in layers just as you would in photoshop, except the canvas upon which you would paint and the layers themselves are confined to the the surface of the model itself. Some additional features would be things like adjusting layer opacity, blend modes, creating layer masks, layer reordering, etc.
the whole purpose of the plug-in is to allow you to be more versitle in texturing. And since materials are stored in a channel in the texture maps in zbrush, you could also paint multiple channel maps (diffuse, bump, specular) simultaneously and see the combined result by adjusting layer settings.