Sage17 - 3:06 am on Jan 8, 2012 (gmt 0)
Why are there even more .us domains undeveloped [than .com]? And why are those prices usually incredibly much cheaper compared to the equivalent .com?
So if people prefer com to .us why would they prefer a .nyc? Or a .la?
New extensions will provide local businesses an alternative. This will decrease the demand for .com's bringing the price of 'premium' .com's down. Supposing there were no ccTLDs, the demand of .com would have been much higher.
Global businesses will still be using .com or .net depending upon their budgets, as the city and/or state extensions are no good to them.
Dot us was just one player, now there will be a gang. I am not saying .com will phase out at all. I think it will take at least 4-5 years for these extensions to gain any credibility. If mishandled, they might never gain any kind of credibility but that seems highly unlikely to me.