I generally prefer email to any other form of electronic communication. It's sortable, archivable, easily formed into lists, decentralized, encryptable, supports attaching images, well-known, implemented in a number of protocols... While you could implement a shiny-for-the-laypeople status code parser, email as a system works unbelievably well.
> archivable, ... decentralized, encryptable This. I shudder every time someone mentions replacing e-mail attachments with Dropbox/iCloud/etc., which somebody already did in this thread. With e-mail, I am beholden to nobody; and if I pay some company to handle my e-mail, it's only because I voluntarily chose to do so. I could drop that company at any time, fire up my own mail server, and have a 5TB mailbox with 10, 2…
"Fix what's currently wrong with email" is so overly vague as to be basically meaningless. Different people have completely different ideas about what is "wrong" with email, and it is such an entrenched technology that you will almost certainly never be able to make structural changes to it unless the problem set it addresses is radically diminished.