I think that the way de Icaza wants to go is not the right way. He's been a bit of a Microsoft fanboy ever since he got hired there onto the IE/Solaris team.
The right way forward is to identify what cool stuff you'd do with Mono, then put that functionality into Bonobo.
However, the ECMA status of C# and portions of the framework does mean that as long as the Mono project stays true to the ECMA spec, MS can't Crush Them With Patents.