All power corrupts and absolute power is actually pretty neat.Edit: I obviously realize how careful we must be to give our freedoms away though and so the framework of how it could be regulated would have to be set up with lots of thought about possibility of the power being misused.
As proved in the US and UK recently, giving up freedoms doesn't stop anything, it merely restricts the average law abiding citizen and causes the people with nefarious schemes to find another way of doing what they want.