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Story: France fears Internet governance stalemate
Should things work out for the worse. It's still better to endure one big pain then a lot of small ones. And it's better to get things worked out before the politicians move in.
That said, having global control in the hands of just one entitiy is simply asking for it sooner or later.
Sure, problems might surface but the trick is to put down those that see this as an oppurtunity to take control of whatever they can get their hands on.
If I was ICANN I would decentralize and hand over control to area specific areas. Might not be optimal at first but at least would ensure that no single party could enforce their believes onto others.
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