I don't want to go off topic which is the Grangegorman plan and I think gunter has summed up it advantages, it takes what is successful about the traditional university model and expresses it in a modern way. I do believe TCD and DIT and NCAD should be merged inside the University of Dublin because it would help give an Irish university sufficient scale, it is good to have national competition, and that wouldn't change, but the competition for the best students and the best researchers isn't a national one, it is international.
Furthermore, it would be great to attack this dumb, and false, bimodal distinction between the ITs and the Universities, there isn't a natural two way split, the different third level institutions are much more different from each other than this habit of dividing them into two groups implies, first, and second, while there might be some purpose in separating strictly regional institutions from national ones, there is no real point in separating vocational and technical institutions from universities. Merge NCAD, IT and TCD into the University of Dublin and then split them into a College of Engineering, a College of Art and Design, a College of Vocational Education and Trinity College, being the Science and Arts Faculties, oh and do something with business. NYU has merged with NY Poly in this way and U Manchester with UMIST, nearer home DCU is gradually reeling in St Pats, TCD is absorbing the Milltown Institute and who knows what will happen to Surgeons when the NUI collapses.