Well, I like the idea of players acting as political representitives. Not nessiscarily heads of state, but lower ranking members of said factions. Senators, Governers, Princes, Dukes, etc who are lower in the pecking order. It opens a lot of oppurtunities for RP without the problems of players dictating state laws.
Also, it gives more stuff for the Consortium to try and mind control/kidnap/etc.
(If Gallia has a Princess... ;))
EDIT: As for RP actual Elections, that too opens a number of oppurtunities. Heck, that thing we did in the Flood between me and Zelot a while back was pretty fun, even though it wasn't in RP. But the concept could be applied to an inRP election sort of event, with people casting votes, cantidates voicing their opinions, and all. Again, not for heads of state, but lower ranking officials, laws to be implemented, etc.