Regardless of systems (everyone I know uses their system of choice), what I'd really like is to see Midnight enter the digital age of tablet gaming. I'd like to see a fully hyperlinked, fully searchable, bookmarked gazetteer, covering the entirety of Eredane, all connected to an interactive map. Each entry of the gazetteer would provide an illustration of the place, the notable NPCs (and their plans), adventure hooks, notable items, history, ties to other places/groups/items/ what have you, and so on... All you'd need to prepare a gaming session at this place, with all entries (places, NPCs, dungeon plans, items, etc) hyperlinked. And all would be accessible on a tablet. Need to describe a NPC? Here's a picture for players to see! Need to describe a place? Here's a picture!
So you could combine the current technology with the old school renaissance movement, allowing you to use the setting either in a traditional (ie, you create your own adventures or use existing adventures) or as a sandbox.
Stat blocks could be easily accessed on a website for different systems of choice (but I rarely met a GM who did use stats as written), so that would leave place for the important stuff: the setting and the adventure hooks.
Other than that, the setting really deserves a complete adventure path. I think the lack of such a product was ultimately the one missing piece in the Midnight line, and the thing that made people stop playing it (that and the end of the d20 licence, for obvious commercial and IP reasons).