I agree, it might look great on the DOOM3 engine but the lower player counts whould kill the teamplay type game that NS is. I just can hope that someone starts this up for the UT2003 engine. I think you could do wonders with it, between the better graphics and bigger levels. Although the Q3ATA engine would most likly work good and wouldn't be as hard going from one engine type to another. But then again switching might not be that big a deal, since it's just a guess on my part.
I see Valve packaging this after a few more releases(See 1.1 and more maps) and trying to sell it in stores. I kinda wish they would work on all their other projects first though.