The problem IMHO is you'd have to have a certain amount of cachet to support such a heavyweight brand. A local tourist board or a national newspaper, yes, but a ten-page affiliate site is just not going to cut it. Expectations surround a name like that (imagine owning macdonalds.com and selling footwear).
From a search point of view it's too generic. Give me irish-news.com over ireland.com any day (unless my intention is to create the definitive ntional portal).
My two cents.
To late, somebody beat me to it and is using it as a gambling portal.