Here are some ideas for a new governance model

http://en.wikipedia.org/wiki/Wikipedia:Governance_reform

There are others of course.

I abhor the current system of "moderation" which only leads to gaming the system and me-tooing by "e friends" to beat up an adversary. Which is why many otherwise useful contributors leave.

I like more the idea of a Congress, of perhaps a thousand editors, who are auto-nominated and elected and vote, and without a quorum, it fails. Something like that has to be vast enough (400 members, 1000 members, 20000 members), that a cadre cannot manipulate the result. And it's power must be absolute. No Jimmy Wales at the top deciding to invalidate outcomes, by a single vote.