Bevel option for merging overlapping vertices

Hi! Everyone loves bevels, so here's a little proposal to improve it. I don't know if this has been posted yet or not (at least I couldn't find it here). It would be nice to have an option of merging overlapping vertices during vertex bevel and ordinary edge beveling. Here's a little video comparison of vertex bevel in XSI and Modo:

Notice how vertices are being merged together when overlapped in XSI. Currently, if you go and check how beveling operations work in Blender you will find out that it works pretty much the same as in Modo example in this video. It would be cool to have the functionality akin to XSI as an option to have more possibilities of creating topology variations during your modeling process.

Also notice that if you turn on clamp overlap option in blender (hoping that you might get similar topological result and then just remove double vertices), let's say on a quad sphere, then you will still fail to achieve similar topology as in the given example video above. Hence, an option of merging overlapping vertices is a must have!

Update. By option I mean something like this Merge Overlaps option in this little mock-up I made: