I agree with Aaron that for the purpose of a development system you may want to prove and re-prove at certain intervals and perhaps disable it through transitions presenting a more stable environment at the target.
Please note that there are commercial tools out there which can readily perform this task.
Attunity, which has a full featured 'Replicate' product. Define a source DB; define a target; include or exclude desired tables (wildcards); optionally define some per-table or global transformations; and 'click' to replicate. All source data changes, as well as metadata changes will be applied on the target in near real-time. Even new tables will show up... if they match the (dynamic) table name matching criteria.
It may be overkill for a development environment, but hey if that's what you need...
There may well be other products that can achieve this.
Disclaimer: I work for Attunity