Hi Erik,
thanks for your post, I was thinking of bringing this up as I was part of that very discussion in August / September 2011 when the Wikimedia overall governance model was discussed.
The idea that cristalized back then and which I still find very appealing was to split today's WMF into these bodies - I am making some adjustments here, as bodies like FDC didn't exist back then:
* Wikimedia Tech: runs the servers, does the development - gets funded from the global funds pool (today that would be FDC)
* Wikimedia Fundraising: does the fundraising and distributes the funds, has the FDC staff / grant making team
* Wikimedia Foundation: more like a US chapter, does the content and lobby work, holds the trademarks
You could even argue to move out the trademarks etc. to another body which does nothing more than keeping those secure and maybe being home of the endowment.
Regards,
Manuel