From what I heard in the IRC group when I was hanging out, the group is mostly made up of people who think it's a nice idea but have absolutely no idea what they're doing.

My prediction is this movement fails flat on its face, as the people with the knowhow to develop the new protocols for this network are uninterested in joining a mass of lemmings who are more interested about what the project is going to be called than if it will work.

Here's a fun issue: security and stability in BGP. As we've seen many, many times over BGP is a completely insecure protocol with persistant problems with blackhole and cyclical routes. Many people inside IRC have proposed BGP as the routing mechanism for the mesh network, but have no proposals on how to deal with a completely decentralized network of high latency connections.