Maybe it's time to abandon it and admit that ONLY money should always release new money?[/b]
it's not creation of new coins, that's just a nice little side effect it really doesn't matter how many entities are mining, they have no choice but to follow the rules of the network and don't try to cheat with forks. In fact, one CPU - one vote is less secure, because its easy to create botnets and attack the network for free with stolen hashpower.
Normally the only thing they have power on is resolving double spents or delaying/censoring transaction.
pow is still good way to manage coin emission, and block reward is necessary if miners have to engage some operative cost to mine a block.