If you want to get really spooked: read the interview with the ITU guy in the current CT on page 64. Just reading that arrogant attitude that oozes out of every sentence makes me feel sick. Yes, the ITU would very much like to regulate the Internet - sure, because right now it has no say in the Internet. And that's a very good thing. The ITU is a bunch of bureaucrats, participation comes with high costs and accordingly is dominated by large corporations. Open source projects and standards from the free software community wouldn't stand a chance at the ITU - but both at IETF and ICANN there are opportunities for influence for organizations that aren't big corporations. RFCs are created in a way that is open to almost everyone - you just have to be willing to take on the organization, but a working group isn't bound to a mountain of money like at the ITU.
No, I don't want the ITU as a regulator on the Internet - because an Internet run by the ITU would no longer be any fun.