I had one recently that largely failed due to my inability to thoroughly convince management that rewriting the app would be cheaper in the long run than to keep maintaining it as it was. If I had only read up on technical debt sooner, it may have been a success. Jeff's latest article on the topic was about 8 months too late for me!
All told the app was about 75K lines of C# code but it was a maintenance nightmare (in-house application). A handful of god classes and the rest were what I called puppet classes (classes by name only, the god classes "pulled the strings" for everything they did). Almost nothing was user-configurable so developers were responsible for everything.
In hindsight, the biggest roadblock to success was the app itself. Keeping it running was a full-time job for 3 of us. I think the best thing we could have done was to keep on refactoring. The "version 2" app had some real good concepts and we should have kept on trying to get them integrated instead of starting over... Had we done that, we could have built the big components after stabilizing the original app.