I would echo the concerns over the amount of paperwork. At the same time, I profoundly believe that a recipient of funding needs to disclose what that funding is being used for. I might go a little further and say that it's one thing to report, but it's another thing to make sure those reports are made publicly available. We may need to do a little more on that one. I know that's not what you're looking at on that, but reporting is a necessary requirement for public funding.
I would be much more concerned about what I call a bait and switch. If somebody receives funding to build out an open-access, “available on a wholesale”, backbone network, and then decides they don't want to open it up or they're going to make it too difficult to open up, that's what I'd be worried about.