The problem I see is a chicken/egg thing, mostly.
In order to make a game that could seriously compete with D&D, you need a lot of money. I mean, sure, maybe you have a kickass idea for a game with a great mechanic, but you need to pay artists, layout people, get it printed with decent quality, do marketing, and so on, and in order to give the game the ongoing support it needs you need to pay other people to design supplements.
In order to get that kind of money, you already have to be successful, along the lines of White Wolf. If you already have a successful product line, why would you want to start another to compete with D&D?
I think the closest we've seen to a serious D&D competitor recently is Exalted, and while it's definitely fantasy I wouldn't call it "traditional". I also have a feeling that the second edition of the game wasn't as successful as WW would have wanted, but that's mostly guesswork based on the rather slow release schedule for the game.
In order to make a game that could seriously compete with D&D, you need a lot of money. I mean, sure, maybe you have a kickass idea for a game with a great mechanic, but you need to pay artists, layout people, get it printed with decent quality, do marketing, and so on, and in order to give the game the ongoing support it needs you need to pay other people to design supplements.
In order to get that kind of money, you already have to be successful, along the lines of White Wolf. If you already have a successful product line, why would you want to start another to compete with D&D?
I think the closest we've seen to a serious D&D competitor recently is Exalted, and while it's definitely fantasy I wouldn't call it "traditional". I also have a feeling that the second edition of the game wasn't as successful as WW would have wanted, but that's mostly guesswork based on the rather slow release schedule for the game.