If voters are voting intelligently on behalf of the DAC then it will profit immensely from inflation. This is obvious, DAC-staff will get nothing if they launch "fairly" due to the tragedy of the commons problem. A DAC with no one working for it will die a quick death. It will have no developers, no marketers, etc. Inflation with spending authorized by vote IS a solution to the tragedy, if it works in practice or not is impossible to tell yet.
Note that IF it does not work, BitShares will have to compete in the market-place on the same terms as everyone else. IF it works, however, we will be miles ahead of the competition because we have solved a problem they have not (how to solve tragedy of the commons in a decentralized way).
This situation is analogous to our aspirations and hope to establish a decentralized market-peg mechanism. IF it does not work, then BitShares will have to compete in the market-place on the same terms as everyone else, establishing trusted price feeds for bitUSD etc. IF it works, however, we will be miles ahead of the competition because we have solved a problem they have not (how to do trustless, decentralized market-pegging).
These are asymmetrical scenarios. We must TEST and EXPERIMENT.