Well, we've sort of got a few semi-there offerings in the boardgame marketplace.
We've got HeroScape or HeroQuest or whatever that new one is, which has the little miniatures and wargame stats, in a semi-collectable format.
But there's also things like Arkham Horror and Betrayal At House on the Hill, which are AAAAALMOST Call of Cthulhu RPG action in a boardgame format ... and quite popular among the university crowd, I think.
I can't get people to play D&D around here, but they do love Betrayal every Friday.
I think something similar would be ABSOLUTE GENIUS.
Nothing like "I'm the Dungeon Master". I think the GM should be entirely scrapped and replaced with a small booklet of "quests" and a bunch of configurable map tiles, most likely drawn at random.
Like Betrayal. The players form a party from half a dozen minis and 12-18 "Characters" (3 PCs looking similar enough to one mini that you don't need lots of minis). The Characters will have simplified stats, but stats that will be recognizable upon picking up D&D. Strength, Intelligence, Charisma and Reflex, Willpower, and Fortitude, an Attack, an Armor Class, some Hit Points, and a slew of special abilities.
You draw X number of tile cards, lay them down to form a map, an aspect of those cards determines a Quest that you look up in the booklet, and you sally forth to kick the crap out of some Orcs and Dragons and Kobolds and the like.
It'd probably be a 50 dollar boardgame, for all of the pieces, but if it were super-replayable and had cheap'n'easy expansion possiblities (new terrain cards, new quest packs, etc) I think it would be BRILLIANT.
Now to pitch the idea to WotC and gets me a job.
--fje