Dynamic scope is fantastic and I dislike using any language that doesn't have it. That said, I find it annoying in emacs to write code that uses menus because what I would like to do is build the menu and attatch a closure to the different "buttons". Since I couldn't find a way to get callable closures using the cl package I ended up writing some kind of global button-position table. Yuck.

As to your point about "global variables suck", people say a lot of misinformed things. The problem with global variables has always been the inability to detect their access. If a variable has a value you didn't expect, it's not lexical so you can't just read the code and it's not dynamic so you can't just check the stack for the culprit.

Ironically, the main thing our OO saviour has really brought us is the ability to limit the scope of our global (member) variables. With big classes you still have the issue of figuring out what in-scope method changed the member variable, and I've sorely missed dynamic scoping for member varialbes many time (e.g. anytime you use a finally block to make sure the variable gets set back, you could have just used dynamic scoping).