Greg very much well said. Not to say that IANA is not an entity but a Function. A function that directly impacts on the Number community. I agree with what some of you said lets look at all options. I would argue that we need to see all the options quite fast as well to really move things forward. 

For information sake the NRO/ IETF or if we want to be sure consisted of the as they loosely called themselves the I* leaders:-
AFRINIC, ARIN, APNIC, IAB, ICANN, IETF, ISOC, LACNIC, RIPE NCC, W3C & LACTLD - should be ccTLD

There focus is on Numbers and we have to agree to that they have a particular bit in what makes it work in the addressing and infrastructure part. What APNIC have come up is not sole to APNIC but something that these I* leaders have agreed onto. It is less complicated for them as i suggested before.

For interest sake i am attaching some information docs. And a bit of the NRO view on accountability:
The NRO does not believe that the contract with the US government should be replaced with a similar mechanism at a global level, therefore a guiding principle is specifically not to create any "superior" structure or organisation;  rather ICANN's accountability should be defined in terms of transparent agreements with ICANN stakeholders, in which roles and responsibilities, and dispute resolution and arbitration mechanisms are fully defined.  We believe that a failure by ICANN to abide clearly by established accountability mechanisms, and in particular by defined dispute resolution and arbitration mechanisms should have clear consequences, and therefore that arbitration mechanisms should be binding.  Furthermore, they must be implementable and effective upon ICANN, regardless of its final structure or locale.The guiding principles for defining or strengthening these accountability mechanisms should be: that they are transparent, implementable and open to improvement; and that they operate in the interests of the open, stable and secure operation of the Internet.


I hope this gives away some input.