Yes please! This would be a huge timesaver, especially when writing songs quickly! It would help the user to work faster and stay in the creative zone while coming up with melodic ideas, lyrics and other instrument parts.
Adding to this idea:
It would be great if sections/events would also be able to loop indefinitely until you press Stop or consciously make left-brain decisions about section lengths/arrangements and other technical stuff. The computer can do this for you until you choose to focus on that. Then you would not have to waste precious mental energy thinking about song lengths, numbers of copy/paste and such while in a creative flow. You are free to be musical creative about melodies, lyric ideas etc. Freestyling over loops can be very creative.
For example, lets say you start of a new song idea by quickly recording 1 bar of a drumbeat and 4 bars of bass and S1 would then let you loop these seamlessly over and over while in play/record. This will let you focus more on the melody and lyrics and not having to copy and paste stuff and make decisions about song length and things like that when you just wanna jam/record and see what comes out (Lot's of fantastic song ideas are born this way!). Arrangement and song length you can decide later at a time when you find it convenient.