Have you looked at Tir?
What I'd really like to see is not so much a web framework in Lua (there are a few, I'm working on another one, and it's really not hard to make one either), but rather one that's mostly C but lets you use Lua, say, for templates or controller functions. That could be pretty interesting for very small devices, or for squeezing lots of performance out of a larger one, all while stilling letting you program the bulk of your code in a higher level language.