Having written realtime ray tracers in the classic demoscene style on e.g. 300 MHz Pentium 2 Celeron (the original one with no cache, that overclocked to 450-550 MHz), I sometimes wonder about how cool it would be to open source a modern rendering engine around the time of the first Pentium 3 with SSE, in 1999.
You could completely revolutionise computer graphics on that era of hardware, with the view to increasing vectorisation, and probably strongly steer it towards ray tracing instead of rasterisation (even skipping over the local minimum of k-D tree methods, the introduction of Surface Area Heuristic and eventually settling on modern BVH building and traversal).