For those who prefer a language with namespaces (python) sublime editor is a good modern alternative.
Secondly, rewriting Emacs would be a major undertaking and which modern language would it be? My choice would be Common Lisp, for other developers it would be Clojure, Haskell, Python, Ruby, etc. Whatever choice it would be, you'd lose developers who would rather see Emacs rewritten in one of the other languages. Even worse they might spawn forks in their own favourite languages.