It won't be direct democracy. It will be a committee where all members have VETO.
That should make sure that no unfair decisions will be made, (and also fewer and more conservative decisions)
But that is still better than NO decisions being made. After a good long period without balance patches, cRPG metagame becomes stale. Right now we have a rather boring influx of xbows i.ex. *imo
The majority of players care about more than themselves. They too realize that the game is not just their own playground, but that the balancers decisions will affect the whole game, not the least keeping it interesting for new players. (Targets)
Perhaps I'm naive, but I could see the community selecting members such as Tydeus or others that have a clue about game mechanics. I'm pretty sure we can find three of them out there. If the community selects one, or even two complete retards, the one sane community member will make sure they can't really hurt the game.
In any case, I'm sure the devs would have the last word in case extreme decisions would be made.