At ICFP, Simon mentioned a willingness to revisit the placement of fail in Monad for GHC, offering to defer to the core libraries committee on the issue.
I'm somewhat loathe to do anything about this for 7.10, as I'd like to focus on changes that can be made without requiring #ifdef's in user code for the next major release, and just focus on making progress on things that are near universally accepted to be good ideas, and which can be "defended against" without CPP. e.g. finally bringing in Applicative as a superclass of Monad.
That said, for say, 7.12 a well-reasoned proposal for what to do with fail would have a very high likelihood of getting through! (for example, exiling it to a MonadFail class or to the existing MonadPlus) Especially as if the split-base proposal goes through for 7.12 a lot of breaking changes would already be in the air.