[warning: lots of jargon]
This won't get many promotes, though I think it would be great to have.
Domain Specific languages are getting more and more interest. Now notes formula language owns a lot of similarities with domain specific languages.
With ANTLR and other tools on the Java side, there are now effective tools to create interpreters for domain specific languages.
Once a non-Domino interpreter of formula language does exist, debugging, unit testing, refactoring and perhaps learning of notes formula language would become much easier. Aditionally it could be plugged into my soon-to-be released mock framework for the Domino Java Api a lot simpler (see link).
Also it would make for a interesting open source projects for those interested in learning writing a language interpreter.