I've thought about doing something like this myself on and off, but there's a
couple of challenges with the approach:
-- Aligning all the paths from one box to the next pretty much implies that
you need to generate a common clock somewhere and distribute it to all the
individual boxes with some known relation from box to box. If you do restrict
people to physically plugging one box into the other (or connecting them only
with cables of known lengths that you've provided), this is not difficult.
-- You need to distribute a high speed "trigger" signals to all the boxes so
they know when to stop capturing. That's not too hard, but what's harder is
that you have to consider whether or not you want every box to be able to
trigger or whether you just want to have a specialized "trigger" box... the
problem is that, while repetitive random-time sampling is great (with
repetitive signals), your trigger circuitry has to operate at the "equivalent
time" rate, i.e., much faster than the ADCs themselves.
-- With digital (logic analyzer) boxes, it becomes challenging to start
coordinating triggers when the trigger event is something like, "bit pattern
1010xxxx on box #1, then 00xxxx00 on box #3, back to xx0xxxxx on box #1,
etc..." (And this is a very simple trigger event compared to what contemporary
logic analyzers can do.)
At the end of the day I figured it's be easier just to design one big PCB and
populate it differently based on the options a user wants, just like the big
boys do.

I think there's a huge market out there for a USB-based
instrument that implements most of what something like a Tektronix TDS3054
does -- 4 analog channels, 500MHz analog response, 5GSsp. With '3054s going
for $10k, if you could profitably sell a USB-based version for, say, $2500,
you'd have more orders than you could fill, I imagine!