My company actually did that. We had a C++ code base of roughly that size, and everybody (programmers, management, customers) more or less agreed that it wasn't the best piece of software. We wanted some features that would have been extremely hard to implement in the old code base, so we decided (after many discussions and test projects) to rewrite it in .NET. We reused the code that was modular enough using C++/CLI (about 20% of it - mostly performance-critical number-crunching stuff that should have been written in C++ anyway), but the rest was re-written from scratch. It took about 2 man-years, but that number really depends a lot on the kind of application, the size of your team and on your programmers, of course. I would consider the whole thing a success: We were able to re-architect the whole system to enable new features that would have been near-impossible with the old code base. We also could avoid problems we often had in the old software by re-designing around them. Also, the new system is much more flexible and modular in the places where we learned that flexibility was needed. (Actually I'm sometimes surprised at how easily new features can be incorporated into the new system even though we never though of them when we designed it.)
So in a nutshell: For a medium-sized project (100k-500kloc) a rewrite is an option, but you should definitely be aware of the price and risk your taking. I would only do it if the old codebase is really low-quality and resists refactoring.
Also, there's two mistakes you shouldn't do:
- Hire a new .NET programmer and let him/her do the rewrite - someone new can help, but most of the work and especially the design has to be done by developers who have enough experience with the old code, so they have a solid understanding of the requirements. Otherwise, you'll just repeat your old mistakes (plus a couple of new ones) in a different language.
- Let a C++ programmer do the rewrite as their first C# project. That's a recipe for disaster, for obvious reasons. When you tackle a project of that size, you must have a solid understanding of the framework you're using.
(I think these two mistakes might reasons why so many rewrites fail.)