This is amazingly misguided stuff. I have felt from the beginning that ICANN was opening a can of worms with this whole unlimited new gTLD process, but I don't think they have any idea of what is in store for them. This is Pandora's Box on steroids. One very prominent domain developer told me he thinks the new gTLD program will create such a mess that it will lead to the end of ICANN.
[edited by: Webwork at 5:59 pm (utc) on Sep. 3, 2009]
[edit reason] Fixed link [/edit]
BTW - I always recommend folks keep their top domain names registered out for the maximum number of years (10) since it is apparent that folks are looking for new creative ways to make money off our brands, like bumping up reg fees for top brands, etc.