(When running from source code, substitute 'lein run' for 'java -jar termcat.jar'.)
The most exciting thing here is the --watch switch. When activated, Termcat will first compile the source document to HTML and then watch for changes in the source file. Whenever the source is modified, Termcat automatically recompiles it.
Convenience aside, --watch has two performance benefits. First, it's not necessary to start Java every time you want to recompile a Termcat document. Second, Termcat keeps a cache around of intermediate results when watching a document. This means that Termcat doesn't need to reevaluate the entire document for every minor update (although it's currently not nearly as effective at this than I reckon it could be).
I'm also happy about the --browse option. When the --browse and --watch features are combined, Termcat automatically reloads the browser every time it recompiles the Termcat document. This means you get live previews of your Termcat documents out of the box!