Emulation is at least a prerequiste for porting Risc OS to a different hardware platform. It might not be something to expect from Risc Ltd, but what about an open source or private venture. Surely if somebody can develop VRPC and an emulator. Why not a rewrite of Risc OS. The manuals do a good job of documenting the API.
Or how about combing ROX with Emulation so that Risc OS apps can run. Impression might be Assembler, but I am sure ArtWorks and Ovation are C and could be recompiled given the right libraries