Actually...there was an interesting article in recent edition of the IEEE Spectrum which discussed a potential land based replacement for the Hubble. The problem with land based telescopes is that the atmosphere bends light as it passes through which reduces the ability to resolve distant objects. IIRC, they have found a way to perform DSP on the image to account for this dispersion/bending which restores the image to essentially identical quality as what would be seen by Hubble.
The obvious advantage is that it is much cheaper to build and maintain a ground based telescope.
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