Personally, I think that the 700 odd years between the 24th century and the 31st century is such a long time, that the changes of the Federation being around the way it is in the 24th century is unlikely. Governments adapt and change according the period in which they exists. Especially governments that are alliances like the Federation, where races can become members, but also leave. The political landscape will probably change so much in the coming years, that the way the Federation works could be very different. Perhaps instead of being this tight government it is right now, respect between the various species of the Federation and its allies will have evolved to such a point, that an actual goverment isn't even necessary anymore. And only a loose alliance of mutual understanding and respect, without a written law will exist.