That's almost word-for-word what I like. I'm actually pretty certain this approach, with the TODO file in VC, would work fine at least up until 4-6 developers,

That's almost word-for-word what I like. I'm actually pretty certain this approach, with the TODO file in VC, would work fine at least up until 4-6 developers, as long as everyone hits a basic level of competence -- but in practice, someone always suggests a more structured tool well before that point.