This breaks the browser single entry boxes
Recent browser updates will need to be rethought. Now many have merged the URL and Search entry into a single box, how will the browser know if you want to goto the site called "chocolate" or want to do a search on "Chocolate".
This is annoying already as it sometimes wants to go to a URL when you actually want to search and vice versa.
It also makes things on intranet or accessing local computers more problematic. If someone has a web server working on their machine, its convinient to use the host name. Yes in the perfert world you should use fully qualified name etc, etc, etc but its just not necessary for small business or home use.
Lets keep the .com, etc. At least you know that something is a URL then. If you own the domain "fred", you can really communicate on paper that the web site is "fred", so you have to use "http://fred" . At the moment it would be "http://fred.com" but if you put down "fred.com" people would immediately know its a web site.
Lastly we will open up a massive bidding war on every URL we know of. But of course current domain holders will be fighting to hold their current domains also for the new scheme.
Crazy state of affairs......