How can I implement an exhaustMap handler in Rx.Net?

Here is an implementation of the ExhaustMap operator. The source observable is projected to an IObservable<Task<TResult>>, where each subsequent task is either the previous one if it’s still running, or otherwise a new task associated with the current item. Repeated occurrences of the same task are then removed with the DistinctUntilChanged operator, and finally the observable is flattened with the Concat operator.

/// <summary>Invokes an asynchronous function for each element of an observable
/// sequence, ignoring elements that are emitted before the completion of an
/// asynchronous function of a preceding element.</summary>
public static IObservable<TResult> ExhaustMap<TSource, TResult>(
    this IObservable<TSource> source,
    Func<TSource, Task<TResult>> function)
{
    return source
        .Scan(Task.FromResult<TResult>(default), (previousTask, item) =>
        {
            return !previousTask.IsCompleted ? previousTask : HideIdentity(function(item));
        })
        .DistinctUntilChanged()
        .Concat();

    async Task<TResult> HideIdentity(Task<TResult> task) => await task;
}

The tasks returned by the function are not guaranteed to be distinct, hence the need for the HideIdentity local function that returns distinct wrappers of the tasks.

Usage example:

Observable
    .Interval(TimeSpan.FromMilliseconds(200))
    .Select(x => (int)x + 1)
    .Take(10)
    .Do(x => Console.WriteLine($"Input: {x}"))
    .ExhaustMap(async x => { await Task.Delay(x % 3 == 0 ? 500 : 100); return x; })
    .Do(x => Console.WriteLine($"Result: {x}"))
    .Wait();

Output:

Input: 1
Result: 1
Input: 2
Result: 2
Input: 3
Input: 4
Input: 5
Result: 3
Input: 6
Input: 7
Input: 8
Result: 6
Input: 9
Input: 10
Result: 9

---

Update: Here is an alternative implementation, where the function produces an IObservable<TResult> instead of a Task<TResult>:

/// <summary>Projects each element to an observable sequence, which is merged
/// in the output observable sequence only if the previous projected observable
/// sequence has completed.</summary>
public static IObservable<TResult> ExhaustMap<TSource, TResult>(
    this IObservable<TSource> source,
    Func<TSource, IObservable<TResult>> function)
{
    return Observable.Defer(() =>
    {
        int mutex = 0; // 0: not acquired, 1: acquired
        return source.SelectMany(item =>
        {
            // Attempt to acquire the mutex immediately. If successful, return
            // a sequence that releases the mutex when terminated. Otherwise,
            // return immediately an empty sequence.
            if (Interlocked.CompareExchange(ref mutex, 1, 0) == 0)
                return function(item).Finally(() => Volatile.Write(ref mutex, 0));
            return Observable.Empty<TResult>();
        });
    });
}