It's on the medium-term plans. In fact, the database that I'm implementing right now is intended to be flexible to accommodate any level of storage: from total lite-node to the radix-tree stuff. It won't all be implemented now, but I'm trying to leave room for it so that when I want to do that, I'll at least have a lot of the details worked out already, even if I missed something and have to rewrite parts of it later.
In the long run, I'd like to have a server version that uses a real database. By that, I mean a hardcore database with all the ACID robustness in it, to be run by those that really want to run a server. Right now, I'm constrained by the requirement that the database I choose must be easy to distribute, run in isolation, and have a license agreeable with distribution with Armory. LevelDB is a great choice for the end-user version of the software. But for the server version, I can have something more heavyweight. And I don't have much experience with that, so I wouldn't mind offloading that somehow. but definitely can't even think about it for a few weeks until after the conference.