I disagree that we don't need a GM.

We need one, with Co's too.

We need a form of leadership for several reasons. Firstly, we need someone to [i]blame when things go wrong[/i] settle agruments, have the final say in matters, and run a plot. Yes, I believe that having an overarching plot is important and I'll explain why in a moment. Also, as [@Guess Who] said, one of the importaint duities of a GM is to approve character sheets. Giving everyone equal option sounds nice in theory, but giving everyone equal power (ie true democracy) doesn't work in practice. History had proved that much. If we put it to vote and tie, or if we have a person or group that stubbornly hold out, we need someone with given authority to put their foot down.

I do believe that a an overarching plot is very important. It gives players the feeling of progression, and something to shake up the IC everynow and then, throwing a wrench in every body's plans. That element of unpredictability will prevent some feelings of the lack of anything important happening, which we have here now, and it can help provide and change players subplots, often for the better. We will need a GM and Co's to decide how this plot progresses. Obviously, players can still put in their input, and even change what will happen through their characters.