As a humanitarian organization it is effective. As a governing body, as it really has no teeth unless everyone agrees, at which point everyone agrees without the UN as well.
Its ineffectiveness is unlikely to change, so long as countries keep their sovereignty. Multi-polarity is most likely to make it less effective, with more power players with their own agenda.
speaking of which heres an article where Russia wants to counter China's power.
http://www.reuters.com/article/2011/03/ ... 7S20110301
Sorry this is short, just a quick drive by posting...