Felt is a software platform that distinguishes itself from conventional forms, buttons, and menus by offering an environment with interactive objects governed by physical-like rules, similar to platforms like Figma, Notion, or Excel. It emphasizes rapid iteration and development through techniques such as hot reloading, which allows developers to see immediate feedback from changes made to the software. This approach enhances creativity, motivation, and problem-solving but requires careful configuration and understanding of the hot reload system to avoid issues. Felt's current setup allows for hot reloading of React components and its Elixir backend, though some CSS changes still necessitate a refresh, reflecting a balance between comprehensive hot reload coverage and practical development needs. This iterative process is highly valued despite the complexity of ensuring system reliability, as it facilitates a productive and dynamic development environment.