LaTeX3 versus LuaTeX: which is the future? Statements by LaTeX3 team members.
tex.stackexchange.com
tex.stackexchange.com
LaTeX really needs to be just revamped whole. I haven't been following the development of LuaTeX or LaTeX3, but I hope that's what they both do. The syntax needs to be simplified, concerns that no longer exist thanks to improved hardware (such as super-optimized algorithms for hyphenation) need to be discarded, and all of the popular 3rd party packages need to be integrated into a single, cohesive piece of software.
On a modern computer you could easily store the entire dictionary, but it's not clear that that's actually an improvement since it wouldn't be as good at dealing with unknown words.
One person also uses TeXLive, but he is the one non-emacs person for development as well (uses bbedit, I believe).
And why not working with a LuaLaTeX3 - the best of both worlds can be used.