I like the idea very much! This resembles a lot what I describe here:
http://digitalgaia.io/philosophy.htmlThis is much more powerful than the metaphor of a company for me as it is much more based on freedom and voluntary participation, and not written contracts which might find themselves obsolete at some point due to a changing environment and the need to adapt. And I believe BitShares is exactly the type of DAC that can adapt, through natural selection of the delegates over time. There is no single entity in charge (which might become corrupt over time), but rather consensus from the community that a certain group of people should receive funding in order to work on a specific aspect of the DAC.
And if people want bytemaster to continue to "be in charge", we just need to vote him as delegate and keep putting our trust and faith in him, and let him lead development as he has until now. There is no need for a formal contract, as I believe he would do exactly the same without.
Let us try to build something for once based on trust and reputation, and freedom, rather than contracts, obligations, and greed...