Why a new edition?
I want a new edition because the 3.5 ruleset is too complicated and burdensome for my tastes or the tastes of most of the people I play with. There are some things I love about 3.5 and some things I hate. My hope is that 4th edition will fix the things I hate and leave the things I love alone.
Why no gnomes?
For several reasons.
Reason #1) Gnomes lack a niche of their own. Want a short race? Play a halfling. Want a subterreanan race? Play a dwarf. Want a magic-using race that lives in harmony with nature? Play an elf. So many people complain about the gnomish tinker from Dragonlance, but at least that was a niche no other race filled.
Reason #2) Never in my 15+ years of playing D&D have I ever seen anyone play a gnome that wasn't intended* as a comic relief character. Ever. It doesn't help that they are described as pranksters and practical jokers, or that their names universally sound goofy, or that every single illustration of a gnome looks ridiculous. Even Gimble, the coolest-looking gnome in any D&D book I've ever seen, still looks silly to me. And he manages that without even looking like a gnome in the first place (please see my avatar for more details).
All of this is like a blank check to those players who get their kicks from irritating the rest of the party. Why would I want to encourage people to be disruptive?
*(I say intended because for the most part, these characters are highly irritating, not funny.)
Why simplification?
Because 3.5 is overburdened with rules that are essential to gameplay: class skills vs. cross-class skills, grappling, turning undead, status effects, energy types, size modifiers, types of modifiers, etc.
What's your reason for pining for a new edition of the game we all know and love?
It's because I love the game that I want a new edition. I want it to grow, to be even better than it is now.
Also, is the want for a new edition greater than the fear of a dud?
If 4e is worse than 3.5, then we still have 3.5 (or some other system). If 4e is better then 3.5, then we've got a better game. It's a win-win situation!
EDIT: Also, do you feel the new edition will address the reason you want a new edition?
I like a lot of what I see so far, but I know it won't be a perfect game. I'm looking foward to the new edition to see what they fixed, how they fixed it, and what I'll have to fix myself.