http://en.wikipedia.org/wiki/Church%E2%80%93Turing_thesis
> A better "foundation" would try to describe computational behavior and reason about it, instead of abstracting it away
A lot of interesting research does exactly this, and a lot of it has found its way into ML-family languages. The starting point (or "foundation") in every case is a typed lambda calculus. Machine models, like turing machines, are just annoying to reason about and not extensible in any meaningful way.