I agree with your first paragraph, and once we instituted a traditional hierarchy of responsibility in the form of editors and publishers with defined timetables and expectations, things ran more smoothly - the effort lasted 12 years in all before closing.
However, the amount of management and moderation involved from those placed at the top was far greater than in a comparable corporate structure, in large part due to the human behavior factors I addressed above. This led to burnout, and which had a cascading effect on those with less responsibility. While I don't regret what we accomplished, I've come to the conclusion it would have been undoubtedly easier to succeed in the publishing space with a corporate structure.
As such, I disagree with your assumption in the latter half of your comment that a co-op can take in any worker irrespective of ethic. A co-op thrives because it's a community that relies on each other. When you introduce bad actors into the mix, who are benefiting without contribution, it breeds resentment and similar behavior if not corrected quickly - especially if you're working on a profit-share basis. My experience in both the non-profit and corporate worlds has shown that the latter can absorb a much higher ratio of these bad actors than a co-op or non-profit can, as these latter organizations rely on an equitable social contract to motivate their workforce. Corporations just rely on a paycheck.