FIRE is ultimately doomed to mediocrity, due to the simple fact that there are no positions to which anyone (regardless of political affiliation) can be elected - save perhaps a position within thier own group.

At best, they'll end up being yet another set of special interest lobbists.

I use the term "special interest" for two reasons.
(1) The little I've heard about the group makes it sound like their main cause is gambling (i.e. "fix it, don't ban it").
(2) Few people I know who care to have a 'representative' from outside their own coterie. If politicians aren't bad enough, one that isn't even a member of your group isn't going lobby in your interests (except by accident).

The effect of lobbying isn't terribly strong in SL - especially when it comes to compliance with legal matters. Because this is widely known, their membership will consist mainly of those who are already interested in their foundational motives, and noobs who don't understand corporate liability.