Domain Liberation!

What do you think will become of the domain market if ICANN (the US. agency responsible for managing domain names on the Internet) decides to liberalize generic extension on the internet by allowing users to create domain name of their choice.
By this I mean, you can register names like .love, .lagos, even proper name like .francis

beats me why one would go that far.aren't we content with .com and others?maybe i'm missing something, but in things like these people usually fare better when their options are limited.