PubSub really has some technical issues. The feeds I'm subscribed to consistenly bring back completely unrelated results (whereas Technorati only occasionally brings back random things). The incoming links features are basically worthless. For one, it tells you the site that links, but not the actual URL. In fact, many of my "incoming links" are from my own Feedburner feed - or at one point even my own feed (PubSub apparently considered www.slashstar.com and slashstar.com to be different sites).
Where did they come up with this "one-man one-vote" clause? This can't be a standard thing... right? It just seems absolutely ridiculous. That said, the first thing that came to mind - and apparently did to all of the commenters on Bob Wyman's post - was to transfer his shares to a number of trusted folks to balance out the vote. Seems obvious, but then we don't know the specific language of that clause.
Still, doesn't look good for PubSub, technically or on the business side.