I think it would be more accurate to say the "most code is not literature" since it is not documented in a fashion which makes it readable --- and it would be more interesting if the examination/re-writing of the code was done in a literate fashion.
The largest project I ever did (typesetting back-end for an on-line interactive ad design system) was done as a literate program, and over the course of years of maintenance was far easier to work with than other smaller code bases which I hadn't taken the effort to so structure and document.
