I know one or more of the product managers had mentioned that Syslog and Traps were being worked on. I agree with that as they at this point are very antiquated and to simple for complex use (especially as compared to the other modules that are far more polished)
I was thinking about this on a different angle however. What instead of just rewriting them you combined them? Something like a Splunk where you can take in multiple sources but have a single point for searches and a alerting.
Although I guess you could really get the same effect just by moving their alerting to Advanced Alerts and having something I have mentioned in the past like a universal search where you can search on a node for instance and pull back everything for that node (logs, syslog, traps) etc.
Just a thought.