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It looks pretty cool to me. I'll probably include it in my personal project, and it would be cool if it'll be added to itertools. (Along with many other things that should be added to itertools.)
There are a collection of recipes in the docs. I think there has been a discussion about making them available in the stdlib, but I’m not sure. If you want to add things to itertools, open feature requests on the bug tracker or launch a discussion thread here first.