Vetinari has a direct parallel in the Benevolent Dictator for Life in FOSS communities, or dang on HN. Individuals often hate these "tyrants" and wish them gone, but the community as a whole only thrives because of their careful, patient, and deliberate care. You can't easily replace a BDFL with a democratic process without losing the community's soul.
The problem with the BDFL model is that if your dictator isn't benevolent, what you have is a normal, flawed monarchy. And very few people are capable of being as ego-free as a benevolent dictator needs to be.
[0] Making Money, page 98