Although it's far from over, I'm already clear that one of my recommendations for the future of FOCS/STOC conferences is to start having co-chairs instead of a single chair.
The reasons for having co-chairs that I can see include:
1) Chairing involves a lot of administrative work, often bursts for short intervals. Being able to share that kind of work seems to have a huge upside.
2) Although I don't think it's come up for STOC yet, having a co-chair watch your back can help avoid silly mistakes.
3) Particularly for FOCS/STOC, having co-chairs from two different subareas (one from a more algorithmic side and one from the complexity side) would seem to offer better coverage.
Many conferences in other areas of comparable size to FOCS/STOC have co-chairs (e.g., NSDI, SIGCOMM that I know of) and in my experience as a PC member it's always gone well.
What are the possible downsides of co-chairs?
1) Whenever two people are co-in-charge, they have to work together well. I hope it wouldn't be too hard to find people who could capably co-chair for these conferences.
2) I imagine it can be hard finding people willing to chair; now you'd have to find 2! Although I actually think it might make it easier to get people to accept if they can co-chair -- it will seem like less work, and if one person is more experienced, you could have a somewhat less experienced person co-chair.