I think economically it would be great for the airport to have Intl status back .. but they've been talking about it for YEARS! I'll believe it when I see it.
Logistical problem might be a bit of an understatement - if there are to be alot of flights... but there are a few other airports (the Airlink routes) like the old Nelspruit airport, Pietermaritzburg etc that cope fine with training and commercial flights - but like I said - it depends on how busy these guys want the airport to become. A few major flights to CPT shouldn't be too much of a problem - but a few to CPT/DUR/BFN/PE or where ever theyt wanna go might make this a hub eventually.
I also agree with the privatisation.. government often has assets and potential lying around that never get used to it's fullest capacity - there IS money out there - if only the right guys will come into play and get things going...