Katt, it is "educational" for sure. It's really good training to identify a chord quality from the melody note using various bass notes in milliseconds and fill in the middle voices instantly. That's certainly worth doing.

This is excellent training for developing new reharms on the fly.

I just heard two different concepts here because others have talked about indicated this to be more like chromatic comping (my terminology). Sort of like the way Kenny Werner comps against Toots Thielemans. Basically Toots plays the regular head and Kenny pretty much plays "anything" while comping. And he's using these kind of chromatic movements.

It's a nice effect. It's like the comper is soloing too. There's tension and release from when they separate and merge again on the regular harmony.

Here the comping begins at 1:20 or so. It works here because it's a duo. There's no rhythm section to deal with on clashing chords.

YOu could use this: http://www.imageshack.us/

I noticed something when practicing this excercise. When going down chromatically, any 3 chords made, if harmonized right will make a 251 progression with the 5th being substituted by it's tritone. Just an observation I thought I'd share.

Excellent observation jc. And if extend that further, you will notice that sequentially going down for several chords, you are really doing a circle of fifths progression with tritone subs -- 4-7-3-6-2-5-1.