You can't modify interior cells or exterior worldspaces in an ESM with another ESM. You have to use an ESP to do that or you'll have chunks of landscape missing from lots of places in the game.
But wouldn't Move Worldspace make the ESM's landscapes behave like the main ESM's landscape, since it's "injected" into the main ESM?
@Nerevar: It's mostly for theory right now, as a particular project I have in mind may call for it.
EDIT: Here's something I might try that I saw from the De-Isolation tutorial. ESP mastering would allow an ESP to use another ESP as a master; as though it were an ESM. This would mean that mods could be made for the ESP, right?
If so, would it be possible to include an unchanged ESP that uses my mod's ESP(s) as masters, so that people can mod it easily without having to ESP-master it themselves? (using that unchanged ESP as a base)