Well, after giving it a quick look over.
Sounds a whole hell of a lot like a couple popular mods tossed together. Creation Club is geared toward the Xbox user. You've been able to achieve these same results with mods on the PC for a long time.
Precisely the idea, but they are WAY off from being anything more than maybe proof of concept imo. I mean the basic functionality of the idea is in place, and crudely implemented imo. It needs more detail to be brought into it. So yeah, the available mods you can currently use to achieve this idea and more, puts this out of it's misery.
I feel that the script additions will be a nice addition and something like frostfall can use them to potentially provide a higher quality product.
Would free up a couple of esp slots, no...?
This was precisely my thinking while I played it. So, hopefully if nothing else (probably nothing else, lol), it could serve useful to the modding community.
I opted in to the beta but haven't played it yet. Might try it this evening. Here's a first impression from someone:
https://forums.nexus...-mode-thoughts/
Another Bethesda facepalm moment however: it costs $8, but you can only buy credits packs for $7.50 and $15... 
That person pretty much sums up what I saw. However, the mode is free, you have to log into the creation club ingame and then "buy" it. But it holds a 0 credit tag on it. So not sure where the $8 comes from.
Well, to be fair it's unlikely I would play such an option or equivalent modded experience. Simply because it would take a lot of time to play and get enjoyment from it. I barely have time to play a regular modded game. 
Yeah me too. If I said it slows the game pace down, it would be an understatement. The idea is very immersive, which I am all about. But it gets a lil too serious for me, and becomes more of a chore imo. I live that already, lol. I do not need chores when I am trying to decompress from my work. LOL, I guess to be fair, modding skyrim is exactly that a alot of times too.... but, to not mod skyrim!?... no, just no.