Kindof Sucks
I know the internet is a "free market". It's capitalism working and making people tons of money, and there's nothing wrong with that. But it's really sucks when all the top level companies out there will be able to control every word they want to online because they are the only people that can afford 185,000 dollars price tag to register. I can't imagine this will help the internet at all. It will just allow a big name bank to get the name "bank" and be even more powerful.
Just another thought.
In the google browser, you do searches by typing into the url field. If what you type has a .com, or .net, etc.. you'll be taken to the site. If what you put in doesn't have a .com, or .net, etc.. if will take you to a google search. So what if someone just types in "banks". Where will google take you to if this new system takes effect? What about the competition.
I just can't see how this will help the internet do anything. It's just a way for ICANN to make millions.