I can't help but think that Emacs is a local maximum: it works well enough that people don't take on the task of implementing huge changes. People who demand a lot from Emacs learn how to do things in Elisp and just get on.
As for the future, I would love to see an Emacs implemented in Clojure (no, not ClojureScript, Clojure on the JVM). I think approaching this task with any Lisp-like language other than Clojure is misguided, because it doesn't take concurrency into account. Clojure is the only Lisp-family language which gets concurrency right. Also, I'd love to have easy access to Java libraries. But, that's just me dreaming.