Ah, I'll echo my thoughts from the original thread here, to keep the ball rolling!
The Council, in it's original incarnation, was awesome. It made the Custodum so... Believable, as a real, highly regarded, Jedi Enclave. The RP that was both born of the council, and the RP that already existed and was brought before the council, were both, far and away, absolutely amazing. It's such an organic part of the Custodum experience, and lends itself to a clearly defined (here comes that word again) structure.
The way the Custodum has existed during the time of the Zakuul trite was actually pretty logical - it, like the Order itself, was disorganized, sorely lacking in present members, and an all around mess (IC that is, and it really was appropriate for the state of the world). Now that the Zakuul trite has concluded, Iaera has it entirely right, we find ourselves in a criminally under-developed world-state. Taking the defibs to the Council will give us some definition, some semblance to how things were before the Zakuul TRITE.
Naturally, I'm in favor, and relative to the first Custodum Council, I wouldn't change much. It was a a governing body, surely, but not the only authority in the world. They gave missions, but never stepped on toes or forced anything onto anybody. Wisdom and guidance, but usually not (unless in extreme cases), absolute decisions. It was a great iteration of a "ruling body", and I'm giddy for its return.