Java's generics can't be built on top of the CLR's reified generics, but this goes for other languages as well - Haskell, ML, Scala, you name it. Basically, reified generics work well in case you design the language in combination with the VM, otherwise it becomes a huge PITA.
FYI, the CLR's reified generics is one reason for why the JVM is a better target for other languages. For dynamic languages, they are a problem because the bytecode generator has to work around them. For static languages, such as Scala or anything in the ML family, it's a problem because either (a) they are designed for co/contra-variance or (b) they don't support higher-kinded types or (c) they don't support rank-2 types or (d) in case you do need co/contra-variance rules, for some reason Microsoft chose to restrict the declarations only to generic interfaces and delegates, so you can't design a List<+T> class for example (to be honest, I'm not sure if this last one is a limitation of the language or the CLR).
Also, having reified generics is less important than you think. Scala for example can do specialization for primitive types and because the type-system is much stronger, coupled with an awesome collections library and pattern matching, the flow of the types is much better. For example, I can't remember any instance in which I felt the need to do a (obj isInstanceOf List<int>) check, immutable collections can be covariant without issues and for everything else there are type-classes, something which C# sorely lacks.
IMHO, in spite of people's opinion on the matter, Java's type-erased generics is one of its best features.