Hmm. Not sure what he meant by "improve on it", would the ICM7555 count? Or did he want a completely different timer chip?
I actually really like the 555. It's good for a huge number of analog timing applications, makes a decent flip-flop in a pinch, has a sturdy output driver and works over a wide voltage range. I've even used them as very cheap boost and buck converters. I think it's a great jellybean. Sure, it's not used all that much anymore, but that's just because analog in general is often passed over in favor of digital designs for timing purposes.