What we need is a DSL (some already exist) and a framework which defines shapes and forms and which can easily plug things together. Ie. we have _only_ code for all the icons and with a simple "make" run we get our customized sizes, colors, formats etc..
I've actually worked with Asymptote [1] a lot and it would be very easy (and elegant) to define them in that framework. Another candidate would be Scala who can define DSL's elegantly and could use many existing libraries to put out th EPS. It's sad that people invest $50k on something that is again flawed: Not editable, not open (truly) sourced, not line-based versioned (git).
I've been wanting to start something along this way ever since I saw fontawesome but I don't think I have the time to invest. Maybe some day...