Kitesurfing definitely has the potential to become a legitimate olympic sport.
All that needs to change is the way in which a champion kitesurfer is measured.
Obviously the answer is to introduce the discipline of kite high jump. This would be suitable as an olympic sport because the success of the kitesurfer would be measured in height (no inconsistencies with putting a performance value on an artistically expressive version of the sport - freestyle).
Also would make spectacular viewing. Definitely the future of the sport right here.
Another likely possibility for the future direction of the sport is Kite Demolition Derby, where all kiters enter an arena and attempt to knock the other fliers kites out of the sky, or destroy them by smashing into their canopies or cutting their lines (similar to rokkaku style kite warfare).
Last kite standing gets the gold medal.
This sport can be seen in its infancy at the kiddy pool in St Kilda, grassroots level stuff, a real mans game.