I guess another question becomes how likely are those who receive funding from DHF to sell those funds vs powering up themselves. In the case of Steemit those funds were going to the marketplace to decentralize the ownership of the network. If DHF recipients are not selling but instead powering these funds up then I could see this resulting in a situation where whales begin consolidating power by draining the DHF for their own projects to have an even stronger control for future DHF / curation funds.
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That's exactly the problem. Of course, those funds could be cashed out, too, in which case the DAO could be part of decentralizing the ownership of the network. But to the degree those funds are just used to line the large stakeholders' pockets, then the consolidation/centralization problem could arise again.
But then again, Hive exists because of a core group of developers. Anyone who got an airdrop got a gift from that group and the altcoin speculators who are giving the tokens monetary value. Actions speak louder than words when it comes to intentions, which is to say that we'll see about how this thing will develop. There's always Bitcoin if this thing turns out to not go anywhere. But the jury is very much out there. I think it would ultimately be in everybody's interest to get the DAO working properly.