For the last few years elisp has been bugging me more and more. Basically, ever since I saw how easy life is with Ruby, I've been annoyed at how hard it is with elisp.
If I had six free months, I'd love to do yet-another-rewrite-of-Emacs, this time in Ruby, with the obvious scripting language, and rewriting all of the 100,000 function calls to be method calls on objects (make-buffer-local, etc. scream out to be replaced with concepts that are less than 30 years old...)