TypeKey Centralized?

I don't get it. Granted, it's still very early in their explanation, but if Movable Type's TypeKey is going to be an integral part of comment registration, I can't see myself ever using it. It certainly is founded on the right ideals: if we "know" that I'm a happy user, then all blogs using TypeKey will allow me to comment on them without me having to re-register. The corollary holds true: if I've spammed other blogs and been reported, I won't be able to comment on yours. Fine.

But, I still won't use it. Based on what little SixApart has reported, it's a centralized service... the exact same reason I left Blogger many years ago. What happens when the TypeKey server goes down? Can spammers comment, or would everyone be shut out? If 20 people report Dave Winer as an idiot, who decides whether to revoke his rights? If Kung Lui Pao Kang spams my blog, but has posted 100 valid messages elsewhere, what does that mean for my redemption? What does this mean for my privacy? If I don't want anyone to know that I comment on some erotica blog, a centralized service like TypePad would be able to track that I do. Hell, I don't doubt that they'll be a "Morbus Commented On" RSS feed about two days after 3.0 is released. I'd want to opt out of that for certain blogs, which pretty much invalidates the whole feature (a broken Winer Watcher is no watcher at all).