ICANN passed a unanimous vote to relax the rules that currently limit the top-level domains (TLD) of web addresses - that's .com, .net, .biz, and so on. The new ruling means that, technically, anyone will be able to register almost anything as their TLD (within a 64 character limit). The proposal will also have to become law, and if so, could come into effect as early as 2009.
Domain registrations will explode which is probably what ICANN is more interested in. I don't see any issue with the liberty to innovate in URL naming, the .com is pretty restrictive after all and camriley.com is pretty meaningless in the context that the URL is used for.
