This is exactly what I am looking to implement: square grid + HTML 5. Responsive would be nice, however I find principles such as those in original HTML5boilerplate more important and the quality of its inclusion in theme.
Also there are two things that needs to be worked out:
Replace core templates to comply with proper HTML5 semantics
Remove clutter, classitis and divitis as there are just too much unneeded divs, classes and other mark up (something like that is done in Sky theme)
There are other HTML5boilerplate "based" projects but they diverge from base ideas or does not include this or 960 grid. Some replace some files, other don't but none have the objective to reduce complexity.
The point for a good base theme is to allow other to grow complexity while having all that is needed to be a foundation for that complexity.
Better typography is much needed and vertical rhytm would also be welcome.
Theme settings for columns widths for sidebars and their position, typography sets and some other niceties would also be welcome.
Some nice, predefined regions? Skinr support?
The problem is that a general theme usualy easily get carried away with zilion of possible options. That flexibility adds on complexity that cannot be simply stripped off (Skinr support, for instance). The path to wisdom is to find the balans. Some make one theme (Zen, Acquia Marina) some make two (Genesis - Adaptive theme), some make none choosing to build themselves on the need basis.
Maybe you had this in mind, maybe some will give you ideas. There is no single theme that fits all but some just fits better. If you have some task for me I'll be glad to give a hand :)