I once had an idea that Photoshop was a dinosaur, although still at the top of the food chain ultimately doomed; the future being a small furry animal called Lightroom. I still like to think that, but there has to be an equivalent to layers and masking before Lightroom can take over the world.
The usual argument, of course, is that Lightroom and Photoshop aren't really targeted at the same audience. Maybe so, but my impression is that most if not all photographers use both.
I don't see anything unreasonable in the OP's question; it's just a little unrealistic given the overall architecture of Photoshop as a pixel pusher. I'm sure if Photoshop was designed from the ground up today it would look radically different. All the "non-destructive" new features have the distinct feel of being slapped on and fastened with tape and rubber bands.
Still, I insist that what larkis wants is available, in the slightly different form of stacked smart objects. All the information in the raw file is there and maskable. The way I understand this, that's the main thing.