From my POV, the fact that the BDFL follows the same PEP process as everyone else is a powerful point in favor of stability.
Even if in practice it causes the peasants to show up at the gates armed with pitchforks?
Probably, yes: nobody pitching a PEP on c.l.py gets off easy. By the time someone has posted a few revisions of any PEP, they've been through fire. You just get more of everything (both pro and con). Keep that in mind next time you reject a PEP -- the author went through a minor suburb of hell to carry it that far.