I've been trying to find the answer to this for some time and I don't think I can improve on the previous answer.... but I think it is not really correct.
The way I would approach it is to put more of the Views formatting functionality in some JQuery Javascript so that the Javascript fetched the data for the View from the Drupal server via JSON and not HTML.
Then periodically - rather than using Views Hacks autofresh - it would say "give me all the records for this view which are newer than this datetime"
Unfortunately this would require hand coding for now as I have not seen this in any contributed module.