Effectively, this gives you "program as a value" where the same url means the same program. Immutable programs basically.
I've tried this and the current downside is that it looks extremely ugly when you try to share a link lol. But this should be circumventable. The other downside is that this is a bit theoretical still. You'll have to exclude sensitive information such as password. Sometimes stuff are in a closure rather than in your ˋstate`.