I guess, it's the agreeing on something and then adopting it and then having it catch the market part that's making this difficult.
On another field that I follow, we haven't had anything better replace MIDI for like 30 years...
That means if you want an analog like continuous change from 0 to max for some audio property, you get stepping instead.
It's also not very fast for todays work with tons of channels.
I doesn't know about audio at all, etc.
OSC is a better replacement, but not widespread enough.
As for what's wrong with it:
- better support for non-blocking requests - better support for streaming media - better support for caching - better content negotiation (e.g for "retina" x2 assets) - better authentication mechanisms - better support for encryption
Also check: http://static.usenix.org/event/usenix99/invited_talks/mogul....