Because their man Strauss-Kahn couldn't keep it in his pants, the Europeans for the first time may lose control over the IMF. Such a precedent could then later see the US losing control over the World Bank. Atlanticists of all stripes must be gripping their chairs, white-knuckled, right now.
If we can't get our own guy Montek Singh Ahluwalia into the spot, then I think India should use its enhanced voting power to support an Asian or Latin American candidate - anybody but China, of course. I assume that China will feel less trusting of an Asian country for this top slot, and would probably prefer someone from faraway Latin America.
Opening up the IMF is long overdue. The Europeans have been hogging the platform for too long.