I've mixed feelings on this.
it's more a PHP_FunctionCreator.
The concept is nice. - it would be cool to see it do somthing like:
$class = PHP_ClassLoader::factory('Log/test');
just loads the file.. Log/test.php (based on include path)
$class = PHP_ClassLoader::factoryReload('Log/test');
parse the file, find the class definition, and rename the class to a _tmp_md5(name)_filemtime(), and eval to create it.
obviously not very usefull for web (due to speed), but for servers or gtk apps, very interesting..
Me and Eric have discussed this on IRC, I think there is some way to go with this package, but the concept is something we certainly could include in PEAR - and I have enough experience with Eric to trust his coding to be sound.