The good thing about the Leads/Modulars is/was that they are 4 parts multi-timbral and polyphonic while other manufacturers (think Roland, Moog) trend is mostly towards single voice/part rack units. For 4 parts it would mean 4 sets of patch connectors, that would be hard to fit in a 3/4U module. Maybe it could be an external patch rack I/O module, like what existed for the Voyager rack (obsolete now). A single/dual voice, 4 parts true analog module and by putting multiple amplifiers and filter in serial and parallel would be my dream. A set of 3 to 4 system1m/Mother32 is now about equal to the cost of a 4R rack and I am wondering if one really needs so much polyphony from a lead. (Leads are then just more space efficient) Just trying to say that the cost of true or very close to analog has come down a lot, these modules having much more patch connection options than the Leads and now have become available as sub-modular (patch-able) rack form factors. That could stir the end, after the Electro racks [ something I really want, even without the knobs, just CC/Sysex only by using an external hard or software controller but also heavily downplayed as useful in the Electro forum
) ] for demand of Lead racks, also because Leads are VA and people are more looking for analog these days. I would agree with you that Clavia may give modular a 2nd thought by pulling the old tech out of closet or innovating on it (or make it open hardware/software if they really never want to look at it again as they said) but it might be tough to ask a high price for it. Anyhow, I am preparing my 19" rack for Eurorack sized (sub/hybrid)-synhthesizer/modules now as I am hoping and expecting the next step to be multi-timbral (part) (semi)-analog rack mount devices..
I could be very wrong. Probably we'll see where the trend goes at NAMM 2016. These are exiting times.