It is terminology that the live coding and live programming communities (well, at least Alex McLean and myself) are just adopting, and related to analogous capabilities in tools for video editing (like FinalCut Pro, AfterEffects). The terminology is meant to help us describe older work and the newer experiences like those illustrated by Bret Victor.
I use these terms a bit in my recent papers, but I don't go into much detail:
http://research.microsoft.com/apps/pubs/default.aspx?id=2112...
http://research.microsoft.com/apps/pubs/default.aspx?id=1898...
For the first paper, here is an annotated video that perhaps shows it better:
http://youtu.be/xmWJsTTOvkU
You would be correct in thinking they are hardly standard. Time travel is such a sexy term alternative that most people just use that, even if it isn't very descriptive.