Hmmmm question is valid one, but I can just look how it used to be in old deathmatches and similar stuff that if host leaves everyone dc`s. But it never was stated that only host can be GM I doubt that "hosting duty would transfer" to other player but I cant say for sure on this.
I know how it used to work but today when someone dc`s game does go on.... so if people attach to different servers I guess game would continue. Just without supervision of player who is GM but I doubt that GM functions would be transferred. Though as I said I am just guessing on what is most possible option but then again we will know answer in few days
