I would definitely like to see more of this, and make it really usable. Reading several of these threads together comparing the different editions, along with this has provided me with this idea for a possible fourth edition:
Start with a very, very basic game. Rules simple, DM-driven, lightning fast character creation that focuses on character concept and not min/max opportunity. There would be only five or six character types, total. The "basic" game is setting 'generic', runs an EXTREMELY simple and scalable rules system, that could be used for five levels or fifty. Combat is simple and stream-lined, focused primarily on "description" and "action" with a few simple dice rolls determining most combat outcomes. No complex math, no multiplication, a few well placed hits would end most fights. No skills, no feats, no maps. The basic game came with everything you needed to get started: character development, combat, monsters, npc generation, and how to DM. Most of the focus of the game is on STORYTELLING, ADVENTURE CREATION, SOCIALIZATION SKILLS, and MAKING A GAME FUN. What would make this work? Backwards compatible to any D&D game. A truly "simpler" version of the game, but the foundation for building the rest of the game.
The game should then 'expand' (perhaps almost immediately) to include the advanced rules expansion which focuses on the expansion of combat and tactics. This expansion would present an elegant, scalable, challenging, and tactical approach to combat. The introduction of a 5' square map will incorporate all the elements of the environment, and place an unusual amount of emphasis on the decision making that considers TEAMWORK, OPPORTUNITY, ENVIRONMENT, and MOMENTUM to achieve victory. Very few combats would end quickly, unless by design. Instead, they would often resolve around the debate of available options, tactics, and will be TIME SENSITIVE to turn-based actions and resolution. This expansion will evolve character development from basic archetypes required to explain the story-telling aspects of sword and sorcery fiction to a wide variety of "tacically balanced" options that could easily be mixed and matched to radically alter character design. The introduction of things such as hit points, armor class, saving throws, feats, and abilities and a scalable magic item system that would allow for significantly more options and a wider range of variables to manage in combats. This version of the game could be played on a stand-alone basis, like a miniatures game. No story would be necessary outside this, or you could choose to use the basic game to build out the story-telling components of your game between combats. This game should be setting specific to one of the primary worlds: Greyhawk. A sword and sorcery world who's foundation is dungeon exploration. Releases for this game would be throwbacks to all the old classic 1st edition dungeon crawls. The world would work very much like a MMORPG in that this core world would present certain "character options" and "abilities" and "items" that would detail specific locations with increasing levels of challenge, where the greatest "rewards" would be available to those capable of achieving victory against the greatest "challenges". The release of the expansion would include a complete Adventure Path. Every creature, magic item, feat, and ability would have a specific place. The greatest feats, abilities, and items would be guarded by the most challenging encounters and the greatest big bad evil guys. If you play with someone who bears the Axe of Dwarvish Lords, you would know what he had to accomplish, with what resources, and what tactics were probably required. Character development would indeed include and be driven by the locations and villians, and victories achieved.
The second expansion would be another incremental, scalable, resource building and development game that could be played alone (as an RTS game), played as a build on to the basic game, or played as an addition to the basic and combat games. This game would introduce the concepts of skills, magic item creation, spell creation, cohorts, companions, wealth, prestige, reputation, allies, and affiliations. This game is played as a resource building game, that could be played individually or as a team. This game would introduce the concept of regional maps, and the valuable resources that they represent. The early game would represent developing very specific local resources such as contacts, allies, and establishing affiliations. The rewards for this game will be strictly represented in wealth, prestige, and reputation. These rewards can be cashed in during game play to advance your strategy in an effort to meet one of the "conditions of victory". This game would flourish with intrigue, uncovering secrets, resolving mysteries, recruiting allies, establishing alliances, and building resources. This game would be set in the world of Eberron, where the focus is upon the story and role that development plays. Detailed maps would come with the game. A complete Adventure Path would be released with this edition as well, that would combine with the core game to lead a party from humble beginnings as investigators in a small town, to become local leaders, then regents, then perhaps holders of land and rulers of a kingdom of their own. This expansion will evolve character development from basic archetypes required to explain the story-telling aspects of sword and sorcery fiction to a wide variety of "resource balanced" options that could easily be mixed and matched to radically alter character design. No matter which form of resource development you should choose, each style would provide a part of this interchangeable system, that fully fleshes out options for any type of crime-solving, magic-creating, knowledge-knowing, kingdom-building combination you wish to develop to meet the victory conditions of the game.
Finally, there would be one game that combines each of these games and expansions. It would use a known world, such as the Forgotten Realms as the backdrop. It would be released in conjunction with it's own adventure path. This would detail the ways and means to achieve victory through a delicate balance of victories in and out of combat. Character creation would be an intertwining of all the skills and abilities of both expansions. A "knight" would receive the "combat" tactics provided from the combat game as well as the "diplomacy/alliance" tactics provided from the resource-building game.
Future expansions would build upon each of hese games, but would easily be able to be adapted "backwads" into the other editions of the game, as the DM would desire. Independent product could expand these concepts by exploring each realm, providing new adventure paths, character designs, resources, and alliances.
Knowing the design elements, or even better, having a clear understanding of the cost of each ability, resource, feat, skill, and alliance would provide a terrific opportunity for DM's to tinker with each adventure, campaign setting, and combat option to their heart's content.
), and the total character level will never exceed the rest of the party. Hit points are cumulative, there are no level limits, BAB stacks and there are still some restrictions for wearing armor. 
