Well, about replacing jQuery..
I haven't looked at it myself. It has been asked before, but I can't recall the reply given then, and didn't find it with a quick search, so it probably wasn't in a jQuery thread...
However, the back end doesn't really care, apart from some actions or custom tags[1] that generate java script using jQuery functionality.
So, replacing jQuery is possible, but you'd have to avoid functionality that relies on it, unless you adapt it to your alternative.
And on the client side, I'd say that is quite much work if you want to use all the bells and whistles that exists today.
//Andreas
[1] custom tags, also known as scomps. As a step in our documentation effort, we are replacing some terms that are either hard to understand or otherwise confusing.
Another term recently renamed are the webmachine resource handler, which are now known as controller.