If I understand correctly, miners don't control policy like they do in the bitcoin blockchain (we leave that to the witnesses). Does that mean there's less risk to the network by having mining dominated in this way? Could it mean fewer and fewer people get involved in mining to the point where the security of the network could be threatened? I've read the white paper a couple times, but I still get confused on some details.
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You're correct. Miners don't control security of the blockchain. That's the purpose of witnesses.
About the potential risk, have a look at @dan's response in my previous post
Having Steem mining queue controlled by one miner is not really a risk like in other crypto-currencies.
Excellent reply! Thanks for pointing it out to me. That confirms what I was thinking. The additional witnesses and backup witnesses keeps things nicely distributed.
dominating the mining queue is like being a top19 witness in terms of money.