It's always touted as a must read paper but I haven't seen many inroads towards something truly Functional-Relational.
I don't think a new query language is the solution to the problem. SQL isn't that bad. Sure, for sanity, every language has a reimplementation of SQL syntax using whatever abstractions available. But even if you don't go SQL, you've got datalog.
A language being 40 to 50 years old doesn't make it a problem. I'm speaking English - that's been through 2000 years of iteration. I don't think that makes it a good candidate for a ground up rethink when so much thought by great thinkers has already gone into it.