Railtrack
OFCOM should look across the hall at the disaster that happened with Railtrack and learn lessons from that.
IMHO, Openreach should be setup as a non-profit. Its board should be made up of representatives of the communications industry (Telcos, ISPs, etc) It's charter/aim/whatever should be to provide the best physical communications infrastructure for the UK. And it should be transparent. Board meeting minutes, strategy documents, financial models, revenue, costs, etc. should all be made public. (Maybe subject to something akin to FoI?) It must be non-discriminatory in who it deals with and what it offers.
If a local group wants, say, FTTH and are willing to pay, let them!
I know this isn't perfect, but I think it's the right direction.