This way of script like interactive programming in C with dynamic libraries is quite known in game programming. The game code in Quake 2, Quake 3, Doom 3, Half Life and even the rendering module in Quake 2 [0] was written that way. In addition to the obvious advantage of interactive programming, dynamic libraries also served as a great way to abstract over submodules like the render and sound engine and made it possible to have a in runtime switchable opengl- and software-renderer.
[0] http://fabiensanglard.net/quake2/quake2Polymorphism.php