The SCLM has produced a draft proposal, now called A Great Cloud of Witnesses, and has solicited comments from the whole church. You can see my comment below, but I suggest you look here to get a sense of the context; otherwise what I say will seem a little opaque.
This proposal is certainly a step in a good direction when set alongside HWHM. I would echo much of what has been said upstream: 1) do not include non-Christians or Christians whose ecclesial tradition rejects or knows nothing of the idea of a sanctoral calendar; 2) hold fast to the local observance criterion; 3) reinstate and strictly observe the 50-year post-mortem criterion; 4) simply call the volume what it is--"Propers for Optional Observances" is fine, though I personally prefer just keeping LF&F; 5) eliminate "category satisfying" nominations for inclusion--this is not a "Who's Who."
All this said, I find myself disappointed that the process has become so politicized, and that there is not sufficient consensus around a sane and tradition-rooted approach to the recognition of heroic and exemplary discipleship and holiness. If I were more confident that the list that will be finally approved would be consistent with the enunciated criteria, I would join my voice with those calling for the retention of proper collects. But that not being the case, the "commons" approach is probably best. But this is a settlement, a compromise, and represents, in my view, a systemic failure.
I really liked Derek's original proposal. What "Cloud..." does is retain its basic two-tiered concept, but move the bar between Tier 1 and Tier 2 such that only the category of "major holy days" is included in Tier 1. If the question were not so fraught with other agendas, we could expand Tier 1 to include bona fide heroes and exemplars, each with proper lessons and collect, and adopt Tier 2 ("people we should all be aware of"), and appoint common readings and collects.
Anyway, as I said, a step in the right direction, and probably the best we can do.
I don't know whether I will be reappointed to the General Convention committee that will take on this work, but, in any case, I am probably not finished engaging this subject.