It's possible. The given reason for our rejection was the market size for our product. Really, we were caught heavily off guard by having to explain why it would be useful. We thought, "It's an RFS, so they already know it could be huge!" and spent zero time thinking about it.

Full disclosure: Our demo and Altair BASIC was a way to develop native iPhone apps in the cloud. We wanted to expand to Android apps, and eventually be a general cloud compile/debug/run service.