It would be great if some new games were programmed in various genres that could then be open sourced and adapted like the BOR idea. For instance, despite the overlong debate about how the graphics look and various colour palettes, I could see Final Fight AGA being adapted in such a way as it could be used to re(create) other scrolling fighters. Well documented code and useful guides could mean that the code could be adapted rather than creating a fighting game creater (which by definition is as limited as the ideas put into it and the power/ram of the sytem running it). Yes - you would have to hardcode new features but wouldn't have to spend a lot of time reinventing the wheel.
Game frameworks. open to all would unleash a lot of creativity.
If this were to work, we would need really well coded games and perhaps a central website to share experiences, ideas, resources etc. There is a definite opportunity to use modern PCs through emulation to create an efficent programming environment and modern techinques and ideas to make better games as well as revisting many of the best ideas from the past (Codetappers site springs to mind).
We would of course need the Beanbag engine!