With the current set of domain name options set to run out by 2011??(huh? - doubt it), this interesting read says that there's about to be a bit of a shakup.
Internet Corporation for Assigned Names and Numbers (ICANN) will vote tomorrow on whether to introduce the ability to setup custom domain name extensions. That means you could potentially have .hate , .frankenstein, or possibly the very popular .creativesuite - ooooohh.
It would make great sense of course to open it up, but ICANN says it'll be a costly exercise to register so that browser manufacturers can comply etc etc - probably in the tens of 1000's !! The potential however for larger companies, cities and organisations could present a great accessory to your business.
It hasn't been revealed yet if there's any rules as to who (once it's setup) can buy domains with the extensions, but hopefully they keep the lid on it a bit, so not just anyone can buy a .tim - that's exclusive stuff.