According to ICANN: “Internet address names will be able to end with almost any word in any language, offering organizations around the world the opportunity to market their brand, products, community or cause in new and innovative ways.”
Personally, I don’t think its all that innovative. It strikes me as being nothing more than a sub-domain without the extension on the end. With an application fee of $185k and a yearly fee of $25k, it seems like just another web name for big biz to brag about having.
I’m sure companies are going to jump at the chance to get their own custom TLDs. There’s nothing wrong with that. A company like Nike would probably love to not have to worry about registering the Nike domain whenever a new country TLD comes out (but they’ll probably do that anyways) and they’ll like the idea of branding a site with “country.nike”.
But at the end of the day, I don’t really see it changing anything about the way we use the web. We’re still going to load up a web browser and a) type in a URL (whatever it may be) into the address bar or b) search for something in our favourite search engine and click on a link.