The ability to switch between all the Creo applications "on the fly"

This is really good idea. For current functionality, unable switch creo parametric to direct, or from creo direct to creo parametric or simulate. Only one switch is from Creo Parametric to Creo Simulate.

It seems in Creo 3.0 will enable ability to switch Creo Direct to Creo Simulate

The desired switch is from Creo Parametric to Creo Direct, or from Creo Direct to Creo Parametric. I think this enhancement will be added in Creo 10.0 maybe. Haha

Since CoCreate is now owned by PTC, it seems as though the two should be merged.  When I first heard about the acquisition I thought that would be the natural flow of things.

I was hoping that Parametric would be an extension option to Direct, and Direct be an extension option to Parametric.  I think the two will be miles apart for a long time to come so yes, if you have all the licenses, you should be able to enjoy a fairly integrated solution. 

Where I lost out is the transportability of drawings between the two CAD platforms.  I have to buy a very expensive license and maintenance just for client compatible drawings in Direct (I'm a Parametric user).  I want a converter that properly maps Parametric drawings in Direct seamlessly.  Is that too much to ask?

Hear from GSO that in Creo 3.0 can switch from parametric to direct, from direct to simulate. Hope the related product manager to dual-confirm this.

Flexible Modeling App in Parametric seems to be a small step towards your request. 

yup, like piping, cabling, bmx, mechanism, mechanica (simulate) without having to close out of work and relaunch with proper licencse.

I created a similar idea here: http://communities.ptc.com/ideas/2361

Voted up 41 now, any PM care this idea??

It's disappointed with PTC enhancement