Should modernization of the environment lead to renewal of teaching texts? We now have a global network, where English language is used as a primary language  and American culture has its own culture codes (you saw that rainbow flag, etc). Shouldn't Buddhist texts be rewritten with the goal of being easily understandable? If texts use modern vocabulary and describe our surroundings with everyday words, then the spreading of Buddhist ideas will be wider than it is now.
I think this is already happening but we perhaps don't recognise it. While I've not heard of any move to completely rewrite a Buddhist canon, it is easy to find examples of books that help the reader access Buddhists texts. These could be simple primers, commentaries or retelling of traditional stories.

Breath by Breath is an example example of the extension of the commentarial  tradition of Buddhism. Larry Rosenberg picks apart the Anapanasati Sutta and really goes into each stage. I've read this twice and find it extremely useful

The anapanasati sutta isn't the only modern commentary. There's a lot more. Analayo has written Satipatthana The Direct Path to Realization which is a commentary on the Satipatthana Sutta. It's a real drill down into the sutta and is a bit more thorough and analytical than Breath by Breath. 

But you don't need to get all academic to enjoy Buddhists texts. My 4 year old daughter loves the Jataka Tales as retold in the Buddha at Bedtime. It's a modern simplified version of canonical Buddhist texts - with lovely pictures and a summary from a cartoon Buddha at the end of each one. What's not to like.