Allowing everybody to tweak Policy and having some sort of mechanism that figures out what "everybody" wants to do is an interesting idea. I have no idea how you could actually make it work, and it would open up a whole other can of potential security problems (what if somebody controls a bunch of IP addresses and decides to "vote" for a policy that benefits them? or can you tie the policy changes to proof-of-work somehow? How do you aggregate what "everybody" thinks in a non-spoofable way? etc etc etc)...
Votes could be weighted based upon your address' balance of bitcoins. Stock proxy-vote style. The rich would have more power.
Votes could be weighted based upon the number of nodes. The hackers would have more power.
Votes could be one-person, one-vote. But that would have to be verified outside the system.