I admit significant bias toward liking PCRE regexps much better than emacs, if no no other reason that when I type a \'(\' I pretty much always want a grouping operator. And, o
The closest previous work on this have been extensions to M-x re-builder, see
http://www.emacswiki.org/emacs/ReBuilder
or the work of Ye Wenbin on PDE.
http://cpansearch.perl.org/src/YEWENBIN/Emacs-PDE-0.2.16/lisp/doc/pde.html