There are a few new technologies that could be considered given a sufficient timeline, including DNS-on-blockchain. Namecoin attempted this with a Bitcoin-style blockchain (.bit TLD), but it has its own drawbacks that need attention and development. Ethereum would [also theoretically in the future] allow a Namecoin-style contract to exist within it's consensus network, allowing the total displacement of centralized services like DNS.
Given the possibilities with distributed consensus, would it be better to scope this project larger as a whole distributed replacement for a fundamentally centralized system... or do we shoehorn a fix scoped specific to X.509?
Given sufficient resources and the hope of launching Ethereum mainnet in Q4 2014, I'd prefer to work in tandem with new blockchain advancements to develop a replacement for the existing system while keeping an eye on how we can minimize transition friction.
Thoughts? :)
Taylor