The JBS’s “runaway convention” scenario is doltish: Congress can propose any amendments it wants to propose too, but we don’t say, “Mustn’t have a Congress, because it can propose amendments.” Besides that, even if it did propose forever to place supreme executive power in the hands of 6’4″ Prussian guys named “Kevin,” 38 states would have to ratify the (obviously good) idea before it became part of the Constitution.
Still, to get around this concern, I favor the mechanism described at CompactforAmerica.org. In fact, I’m one of CFA’s Advisory Board.