I'd like to see it called something other than WordCamp. Much like the formerly-WCSF, it won't be locally organized, won't have mostly-local speakers, and won't be subject all the usual parameters for a WordCamp.

I think there's definitely a place for a big event aimed at the established WP community, but let's call it something else and continue to have WordCamps all around.

As to venue, I don't really care. I'd like to see it move around between cities that are air hubs so that flights are simple for most folks. Unless they move it to NYC, it'll be impossible to find somewhere that's overall more expensive for attendees than SF.