How about a total redesign of the PC, the current model is outdated and relies on a small number of IRQs that some devices have to share.
Why don't we redesign the PC from the ground up? Make a bigger ROM, since we know that Pentium and higher chips can access more memory. Maybe base the ROM on Linux and have an EEPROM part that the kernel can load into? Make it so that the boot process of the OS can be loaded from an EEPROM that can be updated. Make the design so that it can be used for X86, PowerPC, SPARC, Alpha and other platforms as well.
This might help break the Monopoly that Microsoft has as the new PC will have to have the OS re-written for the new platform. Linux and *BSD should be adaptable easier than Windows.