[racket] Macros as a first class objects?

What Noel means is not that the system would be hard to understand,
but rather that programs written in it would be hard to understand.
For instance, when I see

  (f (x y))

I can tell, from looking at the context, that this is an application
of f to the application of x to y.  In your language, it could indeed
be this, but it could also be a conditional (because f is actually
bound to COND).

Look up "FEXPR"s.

Shriram