Well, Bitter Old Noob was kind enough to give a rundown on this new-fangled idea of putting a bit of democracy into our massively games. The whole post reads as decidedly concerned for what could essentially turn into a popularity contest with the wrong people getting elected and the possibility for CCP to stop listening to non-council players -- it's a valid concern. We'll just have to wait and see, though.
Voting apparently begins in May, which gives players interested in earning one of the nine spots on the council time to start campaiging. We'll be keeping tabs on how this all ends up, because this the most extreme case of a developer trying to listen to the voice of their player-base.