This article makes a lot of sense:
If you look at the other side, at other popular open source projects, you will find the same discussions in almost every ‘democratically lead’ open source project. Projects have faltered because of this, have failed because of community pressure, others have been forked. Often to live the same fatal destiny within the next 5 years.
WordPress though is on a good and stable path and this is probably because of Matt and nobody else. He seems to think long term and is surrounded with great people. He hasn’t made any major errors.