You cannot view the inventory of other players by spectating them.
Still not fixed in newest pre-released. 12w25a
Slimes still despawning in swamp biomes.
To add to what Fienxjox said, I also set a customized world to swampland only, created a bunch of command blocks to kill all mobs except slimes, and then ensured it was a full moon. Still most slimes flash in and out, with very few slimes actually remaining spawned. Needs fixing.
This was in 14w21b.
This would be a huge feature to add, it would make moderation in vanilla minecraft so much easier. As it stands right now, moderation in vanilla minecraft is quite difficult without external tools/plugins but the ability to see other player's inventories would be outstanding in this department.