I voted for Carlo.
It's the kind of appointment that could change the club - in a similar way to Chelsea signing Gullit in the mid 90s. It took them continental, made them a bigger name, and then a few years later... Football is different now, sure, but profile is still huge. Ancelotti can/would change that upwardly.
There is a flip side, which is obviously that if a bigger job comes up in 12/18 months and he's nigh on transformed us then he'd be off quicker than Downing's agent can say "how much?!?!", but I think the positive elements to his appointment outweigh this.