It's a system where the largest accounts will decide what gets paid out - that much is true and was always going to happen with a stakeholder majority system.

It's not true that a large account (except possibly the Steemit accounts) can decide on their own what gets paid out - it requires the large stakeholders working together. Blocktrades as the second largest non-Steemit whale for example has less than half the vote threshold currently, and there are many more whales whom have not voted and can raise that threshold so that it would require even more whales being in agreement.