Uh oh. The new OpenGL spec doesn't seem to be making developers very happy.
...Maybe we should start supporting D3D again. 
Nobody is going to care if FS2Open jumps ship to make an idealistic point. All we'd do is alienate the Linux and OS X users and force everyone else to upgrade to Vista. If we just used DX9, we'd still be using the same generation of graphics API as we are now.
I don't really see any value in making DirectX optional, as an add-on, since we'd again be splitting our efforts between two graphics APIs, and now we'd have to support two shader APIs, as well as write new shaders from both. When the material system gets released, mods would have to follow suit or force their users to run on one or the other to use the custom shaders they'd developed, or spend time developing shaders for both OpenGL and DirectX.
Finally, FS2Open is in no way making use of the graphics elements in today to push things to the bleeding edge. Things like burn decals, HDR (which is just being implemented), reflections, motion blur, and more realistic physics are becoming the norm on games today. Not to mention that a lot of games have posable characters as well as space ships, and many of the aspects of making a mod, mission, or model for Freespace are obfuscated and could use a lot of work for making them more people-friendly.
(Dare I also mention dual core?)
In terms of keeping up with the Joneses, there's still a lot that can be done without a version number bump on the lowlevel graphics API.