Community managed rings
I like the idea as an "option" for even current managers for allowing all members to have most of the current "helper" functions. Clearly, in many rings there could be battles over; featured site placement and fees, navigation bars, color schemes, descriptions, etc... if there was not one individual who had control over the ring. I can even imagine scenarios where one member deletes another members site because they disagree with the site or its content. It could be known as the WebRing wars...but I digress.
I do seriously think the idea has merit, but there still needs to be one person at the helm....the ship will need its Captain. Perhaps the idea would make the perfect "probationary" model...giving back a former manager their ring AND insuring that all active members are able to police it. I like it!