Sure. The important thing is (for me) that it provides a stick for the community in the unlikely event that there is a problem .
Having that stick will force the board to respect the wishes of the community. In software communities (which is where I am most comfortable) the stick is the ability to fork the code. That's not the case here.
Indeed - the foundation does have the power (eventually) to let a new chapter take over even without the consent of the old one. That is, effectively, a fork, it just requires more paperwork!
My concerns have been alleviated and I've signed up as a potential guarantor member.
Excellent news!