I don't think that's it. If ICANN can ever launch their TLDs-for-everyone plan and let a thousand flowers bloom, you won't have companies buying defensive doma

I don't think that's it. If ICANN can ever launch their TLDs-for-everyone plan and let a thousand flowers bloom, you won't have companies buying defensive domain names in every TLD, because there will be thousands. It makes the point moot; with only a few tlds, consumers might expect that airsupply.com leads to a medical services co or the high-tenor ballad king of the 1970s, and they'll each compete to register that name first. When it's airsupply.brakes.railway and airsupply.diving and airsupply.fixaflat, that assumption is broken, and it becomes futile to try to pounce on every domain with your brand in it. The companies pushing the loudest "Sky is Falling!" messaging are those like MarkMonitor who (a) already protect their customers from fraud, real or exaggerated, and (b) just happen to be a registrar..