The Beginnings of a TLD Free-For-All?

Mordok-DestroyerOfWo writes "According to the BBC, ICANN is considering opening up the wholesale creation of TLDs by private industry. While I'm sure this is done for the convenience of the companies and has nothing to do with the several thousand dollars they will be charging for each registration, I was curious what the tech community at large thought about this idea. It seems to me that this will simply open the doors for a never-ending stream of TLD squatters."