A redesign of current ESCs is in order, IMO. The popular "stacked" configuration of the FET boards does not allow the most efficient water cooling. A few ESC makers (Jeti) are beginning to realize this and are making single-level, flat ESCs. This allows the water cooling plates (which can be markedly improved themselves for more rapid heat transfer) to make direct contact with all the FETs.
Another area is the use of better quality FETs - ones with even lower resistance. This is a win-win since it means more power out of the ESC along with less heat generated within the ESC. As battery technology continues to advance rapidly, the ESCs and motors will need to change to catch/keep up. B)
Hey, I don't want to "get" anyone - I want the hobby to grow with room for everyone! I like the sound of a muffled nitro motor myself, but since that is the single most objectionable aspect of the hobby for non-hobbiests, and because it has caused the loss of so many run sites (both planes and boats), I'll have to forgo it eventually too.