I'm familiar with the Venus Project, I don't believe there is much overlap in their ideas.

In that there will be some group of people who control the computers that make all the decisions, and over time those people will tilt the playing field in their favor and the rest will suffer.

This is likely true with Communism, but could be almost entirely mitigated if done using Anarchist (like Peter Kropotkin style anarchism) principles. Instead of an all powerful state controlling the reins which would inevitably breed corruption, this concept of cybernetics could be applied in a federated way, where smaller communities could hook-up to this cybernetic collective, which would allow for greater cohesion and collaboration between directly democratic communities.