Though I'm probably the least neutral voice on this, I just want to say that many of the controversies raised here are assuming that a modern era game is similar to the HoI series.
If they make an modern era game, I would assume that it is very similar to Victoria; little military oriented, with complex economic and political aspects. It would also require a far more detailed and complex diplomatic system than present in any paradox game to this date. Wars would be small and uneven, but could escalate as the west, who very much control the world today, falls behind the developing Asia.
I would also assume that it covers a longer time-period than HoI, due to the lack of wars; perhaps 2000-2050, and thus only have political parties, not ministers. Nuclear weapons are in, but mainly as a deterrent. Territorial expansion would be almost impossible due to insurgents, and the efforts to subdue a territory would negatively impact the economy in such a way that it would not pay off. Neither should there be any scripted wars and historical events, which Victoria manages (almost) to do without.
And even if Paradox does not release such an game, they seem, from the information available, to be providing us with an excellent base to mod an short version of it in HoI3.