I think it would be virtually impossible, and even undesirable, to erect the particular mechanisms of the Roman Empire on the world today.
However, I'm of the opinion Ancient Rome still has much to teach us moderns, and we could do well to internalize it. I find many things in the Roman world view - especially in pre-Theodosius Rome - preferable to the current modern viewpoints.
I also appreciate the fact the Roman Empire was the last time the Western world was anything resembling a united front, and thus forms a common foundation for Europeans and their former colonies. Not to start an argument on modern politics, but I really do believe the West could stand a bit of Roman unity in the immediate future. These arguments that Europeans have amongst themselves, or that Europeans have with Americans, seem miniscule compared to the West's difference with Sinic and especially Islamic cultures.
Thus I look to the Romans as cultural forebears, but a resurrected empire is a pipe dream.