My POV may not be anybody elses, but here it is anyway-
This is 2011. We have capabilities they didn't have back in the '60s. We might want to think not in terms of traditional dedicated test equipment like DVMs, that have been around forever, but something much more flexible. I collect used test equipment and even with all the stuff I've got, I can't make the measurements I (or my customers) need at a price I can afford. The world is awash in DVMs and even the junk ones are surprisingly good. 6 1/2 digit meters with HPIB are no problem, new or used. Ditto frequency counters. What I'd really like is a black box having a synthesizer chip (Analog devices has some great ones), several DVM type measurement channels (at least 2), a phase detector in hardware, some internal impedance standards and a USB interface. Maybe a counter, but not sure.
Why?
Because all that stuff can be configured not only as a DVM, but as a VAW meter, an LCR meter, a network analyzer, an audio analyzer, a signal generator and perform pretty much any bench test or component test you might want. Under PC control (IMO it has to have open software) I could configure it for whatever needed to be done, like swept measurements. I have no interest in a display, other than the PC, but a lot of interest in data-logging. Note that almost all design work in the commercial world requires data-logging.
Before you get the idea that this is a huge or complicated effort, look at the high level parts you can get today. The synthesizer chip solves that problem. There are phase detector solutions. Instantaneous voltage and current measurements give you the VAW meter function. It's a big design, but not nearly as difficult as it would have been a decade ago.
Take a look at the $16,000 Agilent E4980A
LCR meter. Once you lose the display there's no reason that can't be done for a hobbyist price. With the right software you have a network analyzer (I've done this). Now look at something like the watt meters and stuff from
Clarke-Hess. That functionallity shouldn't be tough to include.
I realize I've gone completely OT here, but IMO pursuing another DVM, regardless of features, will never give ROI commercially, and I can't imagine any DIY builder bothering with it. OTOH, I've been wrong before- just ask my wife!
Best,
Conrad