• Instead of issuing plain leaf-node certs, CAs could (and would) issue CA-certs by default.
• You'd be able to issue as many plain certs as you like, using your own CA-cert, and revoke them as often as you like. (OCSP would be much more necessary here.)
• The current CAs would be renamed to "global CAs": their power would come from the fact that they have no subject (or their subject is '.') in their CA-certs.
• Anyone owning a domain would become the CA for its own subdomains. (foo.tumblr.com would be signed by Tumblr's CA; foo.s3.amazonaws.com would be signed by the Amazon AWS CA; etc.)