It's not as bad as you're thinking. The trick is that you just don't use a style of Window Layout that would make swapping slow. My suggested method is to use a Full Screen Stacked layout (meaning they are all the size of the full screen, and you don't actually see the other windows unless you swap to them, which will be instant) and then use Video FX either as Picture-in-Picture, or using dxNothing as a blank window to put them in.
I am working on new features for ISBoxer 40 to simplify this even further and make Video FX even easier to use. Anyone using Windows Vista or later with Aero enabled will probably just forget about that limitation because this should be just as easy to configure and I think it'll be much cooler.
Sure

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