With ICANN's recent decision to go "Wild West" with top level domain names, the tech world is buzzing with concern and confusion.

From CNET:
The decision to allow custom top-level domains will be a "nightmare" for brand managers, analysts and lawyers have warned. On Thursday, the Internet Corporation for Assigned Names and Numbers (ICANN) voted to allow--in addition to more traditional top-level domains (TLDs), such as .com and .org--theoretically any TLD at all, as long as it is no more than 64 characters long. The application process for such custom TLDs looks set to be arduous and the criteria reasonably rigorous, but observers say the new system will create confusion.

"This has the potential for utter chaos," John Mackenzie, of the law firm Pinsent Masons, said Friday. "The attraction for cybersquatters is not going to be setting up a registry that matches someone else's brand; it will be in the generic TLDs. All of a sudden, every brand will be forced to register their name at .shop, .buy and .london to stop anyone else getting it."

This prediction is that ICANN's new scheme will face such a firestorm that it will be rescinded by 12-31-2008 and NOT go into effect.