I had started working on a similar idea with network equipment, specifically chassis, where I drew out the pieces in Visio as well.What I plan to do some day is have a script in the back end that runs a tool like Image Magick or GD and dynamically builds the picture that is shown based on polled data. I think the same could be done with a server rack, though, I guess some might find it easier to just manually re-draw the Visio diagram whenever the rack is updated.
Anyway, I think this is a great idea!