That said, I do personally think that Rust will one day be an excellent language to take the place of C in implementing fundamental cryptographic libraries. But first we need domain experts to hammer on the language and provide feedback.
While Ted's post has been criticized by a few Rust programmers (see: http://tonyarcieri.com/would-rust-have-prevented-heartbleed-... ), it still brings up the argument that one's language choice isn't a magic bullet. There's an adage (I have no idea who originated it) that's along the lines of "every 'idiot-proof' system underestimates an idiot's ability to break things", and that's worth considering here. Rust prevents a lot of bugs, but it's not a guarantee of security. One needs to understand the actual problem that needs solved, and this is where the OpenBSD devs are focusing with LibreSSL (and their various other projects); their security track record stands as a good testament of that notion of understanding trumping language choice.
This isn't to say that I disagree with you. Rust is readily poised to replace C in a lot of contexts (IIRC, one of the obstacles right now is the use of a different allocator, so trying to use a Rust library from C results in some performance overhead), and it would be nice to see it used in a lot more projects. Just bear in mind that moving to Rust isn't the only step that would be required to fix these sorts of security bugs.
It will though stop ordinary random code having remote code execution or spurious data leak bugs.
That is really significant. It needs cheering and encouraging now, and soon it needs forcing.
Memory safe languages aren't bug free in terms of security bugs, as there are also logical errors, as shown by many Java exploits.
However, removing the typical C memory corruption errors out of the picture is already quite an improvement.
Rust and other system programming languages have more probability to succeed outside classic UNIX systems though, as UNIX and C go hand-in-hand and I doubt that will ever change.
The only non-classic UNIX is Mac OS X and it already has its own "Rust".
The results probably won't be well-optimized, though; C isn't actually very portable at this level, there's too much implementation-defined behavior that needs to be taken into account. You'll probably spend as much effort trying to robustly handle the quirks and deficiencies of some obscure platform's compiler than doing an LLVM backend for the processor...
I wonder if anyone has updated the Cell SPU backend that was eventually removed. That is one of my favorite architectures. =)
[0]: https://github.com/draperlaboratory/llvm-cbe
[1]: http://thread.gmane.org/gmane.comp.compilers.llvm.devel/7594...