I will deliver my two cents as 1ic of Enigma Confederacy. I personally feel it more as a chore than anything and yet useful for people to know where one is going or trying to complete. However, there are some goals that require more than three months to complete for sure and I feel there will be a redundance of the goal to reach in each quarter check.
I think it is feeling up the points: usefulness for the community and requirement proportionate. After all, small factions like mine can hardly reach the 3days easily and having two days is an ease so I will be thankful for this.
I will also agree with what Tenshi said above. But in terms of the 1ic to change if they are inactive, it is hard to do when you view this inRP perspective. For example, let's take nomads or AIs a moment. The following 1ic will need a solid knowledge to truly take over. And for my faction, it was born from my character in a way so... replacing the leader is kinda an impossible thing as long as there is a suitable AI within the faction to handle a node. I do not know if it makes sense.