I consider myself an average user of the Internet. As such, I will not attempt to answer the specific questions. There are many others that can articulate those kinds answers much better. I will instead give the point of view of someone who is not an expert in these matters, nor involved in the direct decision making process of the U.S. Government or ICANN.
The Internet is a big place. It is becoming more and more a part of our World Culture on a daily basis. It allows a soldier in Iraq to speak to his wife in France, a company in Canada to enter into business relations with another company in Australia, and as a place for all other sorts of information to be gathered and distributed with little oversight.
The Internet is an amazing and awe-inspiring work of art. Simple in design, yet able to be amazingly complex. The Root Servers do their job well. They were able to stand up to a massive DDoS that took place on 10/22/2002 (Documented Here:http://www.internettrafficreport.com/event/2.htm). In this I believe that ICANN did its duty for global resolvability. Resolvability is what an average Internet user cares about. How long does it take my page to load? Can I access my email? The fact that when a website is not loading and the first conclusion everyone assumes is that the website in question is experiencing problems and not that the root servers have errors also speaks to ICANN's effectiveness.
The Internet is ever changing. The Internets ability to deliver instant information on demand changes what it looks like daily. New technology changes it slower, but the Internet we have today is much different than it was years ago. As the Internet changes so must the organization change as well, or it will get lost in the turmoil. ICANN may not be outdated but it will become outdated, just as its replacement will become outdated, and the one after that, and so on. I believe this is the one true fact of the Internet: Change. This change must not be feared it must be embraced and encouraged.
Look for those people that have a passion and zeal for the vision of what the Internet can be. Those individuals will never be outdated.