These guys did the same thing on a Hobie Tiger, I saw them at our F18 Nationals (not racing obviously!).
http://www.airplaykitesailing.com/catamaran.php?lang=en


It would be interesting to see how high it could point (upwind, not vertically!), with the constant development of kites it could do quite well.
Kiteboarders are already outpointing windsurfers in course races.