Ok, I'm not a programmer, but if I ever learn programming, I'll work on this, but I wouldn't be able to do it alone. What I would like to see in a Linux distro, is more of a build-your-own kit, not as complicated as doing Linux from Scratch.
You start with a network installation disk. And begin to choose things from the ground up. Choose what kind of kernel you want, click next. Choose what kind of file system you want to use and click next. Choose the sound system you want to use in your custom build(Alsa, PulseAudio(PA pisses me off), OSS, Jack, etc...) click next. Choose your desktop(Unity pisses me off), click next. Choose your security method(SELinux, AppArmor) click next. Choose a whole bunch of other thing, and when your done, it downloads all of the sources from the respositories, compiles everything from source, installs it on your system, reboot, and you have one helluva custom distro.
I don't know if this is possible, and updates would be a pain in the butt, but if this were possible, I would like to see it.