...the pointed quote from the Teleread blog:
"The Forum under earlier leadership came up with valuable production-level standards."
OEBPS isn't broken. And it isn't bad. And, yes, as one of the authors of it, I'm quite biased. But it's worth noting that the organization produced good work, before it got made into a slave. A slave to the marketing needs of the organizations that nearly killed it in the first place (Adobe and Overdrive Systems).
I suspect that nothing so drastic as dismantling the OEBF is necessary; just boot out the current leadership. Simple as that.
Oh, and this may come as a surprise to Slashdot readers (as it did to me, at the time), but the folks who represented Microsoft argued -vociferously- for open standards, standards compliance, and inclusion of the little guy. At least, they did so back in '98 and '99.