Benefits of having "trusted / high quality" user recognition

Agree with FT2's no 3, I think a pannel isn't necessary. The arbcom isn't supposed to be involved in matters of content anyway (at least, the Dutch one isn't, I'm not totally sure about other arbcoms). Let's trust that, after a careful analysis of the portfolio and hearing the opinion of at least, say, three other 'senior editors', the community is able to choose a new 'senior'. Having the community choose them is more in line with the spirit of Wikimedia projects than having an elite pannel.