First, hat tip to RetroRoleplaying for bring this story to my attention. I see where Clark Peterson of Necromancer Games is planning a "Classic" version of D&D 4e, a set of alternate rules and elements to bring back the more classic elements of the game. We're talking yanking Dragonborn and Warforged, bringing spell buffs back, an optional alignment realignment, more out-of-combat powers, measurement in feet instead of hexes, and lots more rollbacks to the Way Things Were (or Pretty Close, as it might be).
On the surface, it seems like I'd be in agreement with a lot of these things, as they fit more closely into my personal preferences for what D&D should be (any chance of a more "zero-to-hero" feel, Clark?). And I'm happy they're looking at doing an Alpha/Beta with it, not unlike what Paizo did with Pathfinder. But for those who want those things present or emphasized in D&D, I very largely feel they still have the 3.5 rules, Pathfinder, or any one of a number of free simulacrum games. I believe there's enough of a distinction between previous editions of D&D and 4e that the two have effectively forked; most folks I know who enjoy 4e likely wouldn't enjoy the sort of throwbacks mentioned in that thread. The same holds for the other branch; those gamers have largely made their bed, be it with 3.5, Pathfinder, Basic Fantasy, etc., and are going to lie in it.
Necromancer Games has given us some of the best 3rd-party D&D supplements I've seen, to include Tome of Horrors, and I have a lot of respect for them. But I really don't see a huge demand for this right now. I'd love to be wrong on that count. Also, remember too that Clark is a designer who likes to "think out loud" online--rarely are such thoughts etched in stone. The nice thing is, we'll be able to follow it all through the discussion, on Necromancer's 4e Classic forum.