What they have now is a devious double-standard system. It starts off with "first-come, first-serve" and then when money is involved and some large/well-established entity cries foul, they then change the rules to be "more-money, first-serve".

Now don't get me wrong, I think domain squatting is a horrible, horrible practice. But we really need to solve the root of the problem, and that is a greedy ICANN that enables domain-registrars, and itself, to double-dip the cake for profit!