Hello.
Since the spectate patch has launched I've been using spectate quite many times to spectate on friend that I also talk over Ventrilo with.
As you all know there's a 3 minute delay, HOWEVER in some rare cases I've managed to skip past the delay and see the action in real-time, thus being able to help my friend A WHOLE LOT, telling him where people are in their or enemy jungle etc. I guess it would be real decent if you have 2 PCs and spectate yourself with another account.
Anyway I tried experimenting with it, reconnecting, re-spectating and unplugging my cable while doing it and while messing with my connection I managed to do it 1-2 times out of 30. Not sure if its anything to do with precise timing or just random but its definitely there.
TL;DR.
It's possible to skip the 3 minute delay with a random luck factor, couldn't manage to do it whenever I wanted to but had success in a couple of times so its do-able.