Are there any efforts in the direction of "real time" FLAC?
The idea is that audio data is coming in at a constant rate (e.g. audio card). The compressor gets a limited amount of time to chew on each block of audio and writes out the best so far when the next block arrives. Sort of "interrupted" operation. Since FLAC basically boils down to "compress a block in 200 different ways and take the best one" it should be very well suited for such a mode of operation. The overhead of encoding the residue and writing out the compressed block will be taken away from the time to encode the next data block.
The compression ratio you'll get will depend on the CPU power, not on any preset value.
Very useful for recording application (save disk space), and a very efficient way to spend all those otherwise wasted CPU cycles while recording an LP.