. . and pointed out there's a hardware platform already available - [link|http://www.picmg.com/compactpci.stm|Compact PCI] (cPCI), which has the attraction of not being so greatly different from the PC PCI bus in electrical design.
If say, you based your PC cabinet on the current 3U cPCI format, the size wouldn't be a lot different from current PCs, but all your IO connectors would be at the front of the machine and boards could be removed and replaced without opening a cabinet.
The 3U format can be used for desktop PCs, the 6U format for high end servers. Right now cPCI is used primarily for "carrier grade" equipment, but there's no reason it can't be made in commercial grades as well.
For advanced servers, switched fabric backplanes, hot swap and other advanced stuff is already available in both 32-bit and 64-bit cPCI.
Sparc CPU boards are available from Sun, but other CPUs can be supported just as well. cPCI boards support mezanine expansion boards for a very high degree of customization.
Just do a Google search on cPCI and you'll find plenty of information.