It is possible to develop on the WebCenter platform iteteratively out of the box, however, there are some limitations. The tutorial that Oracle provides here explains a little about what is possible. Essentially, this includes making changes to existing pages (JSPX files, templates, CSS etc), however, it doesn’t do so well at everything else.
One product that I have used in the past that helps greatly with iterative development is JRebel.
Relying on WebLogics JVM hotswap or FastSwap will get you so far, i.e. JSP, Servlet, EJB support classes however, JRebel will take it a step further and include JPA and CDI changes. It also supports numerous frameworks too, including Spring, Hibernate, Guice etc.