don't we already have the NX bit?

and it's not sufficient anyways. even with NX you could have the attacker control a function pointer you call. in any sufficiently complex program you'll have enough widgets to build anything you want just out of data.

code and data are the same thing. whatever inputs your system receives is "code" that your application interprets, just like your application is the code that the CPU interprets. turtles all the way down.