We were talking about this yesterday. I asked how many of the previous issues we classified a security problem would of been mitigated by a sandbox and the conclusion would be that it would not even cover the majority.
Most of the security issues we encounter are with bugs in the driver. A common bug for example with the Intel mac driver is when sending allocating a valid large texture the texture will sometimes instead be filled with old gpu memory[1]. Then you can glReadPixel the data and reconstruct parts of the desktop windows or tabs. A sandbox isn't going to stop you from exploiting this kind of buggy driver if it incorrectly starts returning other people's data when you asking for unrelated valid commands.
It is coming soon. Firefox Nightly has it as an option, and according to this it's supposed to be an option in Firefox 30. I'm not sure when it will be turned on by default though:
http://www.extremetech.com/computing/178587-firefox-is-still...