Webwork - 2:08 pm on Aug 16, 2010 (gmt 0)
How would the launch work per say? An auction for every name?
Most new gTLD launches start with a ~"sunrise period" during which trademark holders file claims for first rights to their protected brand.
In some cases there have been auctions of reserved or presumably "prime domains". This, I believe, was how the launch of .mobi was handled.