Distributed DNS Policies
First come-first serve would indeed cause a land rush by all the squatters-- I think that probably the best policy is to develop a system where the Internet itself decides who is the best manager for a given domain space, e.g. everyone agrees that IBM's collection of servers over there should manage the ibm.com
namespace. Networks instead of using a fixed set of root servers (if we keep the existing mechanisms of DNS), servers would apply a trust metric or subscribe to a publisher of DNS delegation. However, this can break the "universality" of the namespace because no longer can one assume that your e-mail will go to the same place because your DNS trusts/subscriptions may be different than someone elses. Could the Internet withstand that kind of chaos in the interest of lancing the boil of ICANN off of itself? Internet heal thyself? Maybe the best thing to do is for one of the distributed DNS providers to trial out such a democratic/trust/rating/subscription style system.
Hacking I never get too much done over the weekend, having a life distrupts hacking. :)