It is an interesting concept.
In two weeks time it will be put to the test one more time. This time it won't be a political jurisdiction up for grabs, a country choosing new leadership, or a province deciding its fate within a country.
Nope, this time it is a bunch of project members rating eachothers' performance and ability. Every member rates every other member between one and the total number of members of the project. Whoever has the lowest total number is the most trusted and seen as the most competent member, and becomes the project's leader. Whoever has the highest cumulative rating is assumed to be hampering the project based on his peers ratings of him and will be removed from the project.
There is no campaigning, there are no speeches, there is no publicity, it is simply a matter of the project members collectively deciding the future of the project.
When it is all over, the project's administration may look exactly the same as it does now, or the landscape of the project will look completely different and everyone will wake up scratching their heads.
Only time will tell.