Matthew, I built such a beast (based on surv-simple but involving a rewrite of the data model, admin UIs, etc) in 3.2.5. I'm porting it over to 4.x since it does stuff that I need (particular for health status measures). It wouldn't be very easy to merge my package with Dave's survey at this point, and I understand that the OACS leadership is appropriately concerned with having too many duplicated, similar packages. Still, I'd be happy to help collaborate in some fashion or other, since I agree it is an important capability for a survey package to have.
If you're interested, you can see my package in action if you look at the Demos section at http://www.cvoutcomes.org/
