The LP2103 has been around for a very long time. It has some nice features which still make it an interesting & usefull controller. AFAIK this is quite a popular model. FWIW Farnell has 350 on order for delivery this month.
Is it worth it for me to build a new dev board for it?
In my view, yes.
Somewhere along the path comes Arduino where there is quite a bit of hand-holding and huge provided libraries and tons of examples. At the other end of the scale there are the Cortex M series ARMs that usually come with a flood of driver code you didn't (need to) write but you now need to understand. Everything is hidden in magic STRUCTs fed into somebody else's code.
In the middle, with no hand-holding and no driver code, are the ARM 7TDMIs. It seems to me that these are a great transition between Arduino and ARM Cortex M series because you will write all your own code and all of it will be based on an understanding of the User Manual (plus the Datasheet in the case of NXP). You will deal directly with the hardware and, if you use STRUCTs, they will be your STRUCTs. The good news is that the chips like the LPC2138 are easy to code; the peripherals are pretty straightforward and well documented. I like the brevity of coding for these chips. Set up a few registers and watch it rip!
For such a dev board, is it a good idea to keep the Arduino form factor?
Speaking of Cortex-M, I never use their driver code except the vendor-agnostic CMSIS (which almost never uses the structs)