I can see a serious revival of D&D when the Microsoft multi-touch table concept becomes commercially viable (and affordable, much like large screen LCD's have). Here's a technology that brings back person-to-person (in the same room) interactions, board game style but leverages everything that makes videogames so amazing. If WOTC isn't seeing and developing for these kinds of innovations then they are completely missing the ballgame.
Until then, I still say they need a heavier focus on 3-D terrain and perhaps a retroactive step backwards to the core tenants that make the older system so great. They shouldn't shy away from the geek/nerd stereotype associated with D&D either, they should celebrate it, YouTube it and make it part of a renewed marketing strategy. You want to be cool with a younger generation, be just a little self deprecating. Also acknowledge that its the 30-sumpthins that are largely keeping things rolling and play to that as well.
There's a lot they could do to build a renewed sense of hype but it takes money, vision and trust.