Not to pile on you Touchless, but Theremin seems to have been aware of the downsides if his creations. He slapped on switchable filters to alter the harmonics, and likely would have been thrilled to add arbitrary waveforms and dynamic filtering. He also had a crude tuner IIRC.
Literally anything implemented in older technology can be improved with more modern technology, but engineer-musicians are a vanishingly small lot, and the corporate versions of us aren't given the time to do it right as it wouldn't be profitable in the exceedingly short run on which all modern business seems to operate. So the buying public gets one older design by Bob (not his best IMHO), a seemingly dashed out Theremini by his replacement(s), assorted hobbyist fare, and the output of talented amateurs / semi-emeritus with a bit of time and/or money on their hands. There's no telling what you might get from this motley crew, or when you might get it (if at all).
The field of study is surprisingly broad and deep. I've enjoyed it immensely, but it can be an intellectual quicksand for curious cats. You have to understand the fundamentals as well as or better than most to find the value in the conventional wisdom (or to challenge it) and then make any headway at all. Even the simple copying of existing designs is fraught with peril.
Thank god for the free-flow of ideas and info on the web and particularly here at TW, without which I would still be wrestling with the basics (and with the voodoo). If anything, the biggest challenge to implementing a modern Theremin seems to be the DSP side of things, where the cards are played too close to the chest and the learning curve is quite steep.