I think back to Joel Spolsky\'s article about never rewriting code from scratch. To sum up his argument: The code doesn\'t get rusty, and while it may not look pretty afte
I have had such an application, and rewrite was very rewarding. However, you should try to aviod the "improvement" trap.
When you rewrite everything, it is very tempting to add new features and fix some long-standing issues you didn't have the guts to touch. This can lead to feature creep and also extend the time needed for rewrite enormously.
Make sure you decide what exactly will be changed and what will only be rewritten - in advance.