The Creation Kit isn't real time is it? If it is, man, that would be crazy awesome!
I would guess no, as the previous incarnations weren't. You had to exit the game, load up all the files you wanted the resources from (or import your own) and then start making your changes.
I mean, yeah, we're seeing a lot of issues surfacing on the forums now, but I'm not too worried - modders are gonna change this game up-side down.
Unfortunately a lot of what we are seeing is beyond the realm of modding. If Bethesda doesn't fix it like they should, it's going to take our programming wizzes to come up with some third-party software fixes, stuff we'll either have to run in the background or something. They did a lot for both Morrowind and Oblivion. Then again, I'm not sure what limits they'll face now because the game runs through Steam. It's not like we can just load up the game through a third-party launcher anymore like we did with Oblivion for extended scripting and whatnot.