Why do we need this?
Hopefully, if enough of these tlds are around, there's too much real estate for it all to be squated on. Although I have a feeling it's still going to be a .com world for a long time.
Edit to add: the terms are pretty weird on this. I would not want to build my brand around a domain thag Google could take away capriciously because they didn't think you followed their terms enough.
This makes very little sense to me. I get that it's nice to have a short domain that points to some action. But why do you need a completely separate namespace for this?