Lambda the Ultimate

I thinking about the design of the object model of a new programming language, and am leaning away from the idea of inheritance.

As far as my understanding goes, inheritance serves the following purposes:

* re-use of code in the child class by inheriting functionality from parent classes

* helping/enabling polymorphism by creating classes that have similar enough capabilities to make them "compatible" to a greater of lesser extent.

Have I missed anything or got aything wrong? Does anyone know of any language type models that do not use inheritance? Does anyone have a view of the pros & cons of such a model?

I've looked at what has been in Go, and my initial impression is that I like it.

Thanks, Mark.