From Thursday 19th of January 2012 you will be able to apply for your own domain extension.
You are no longer tied to .com / .co.uk / .org / .mobi etc you can now have .london /.pepsi / .microsoft / .google etc.
This is great as it provides lots more options when choosing your domain, which is badly needed in a very crowded space.
But there is a catch the current price tag is $185,000USD (£120,000) just to APPLY, current estimates are you will be nudging 1/2 a million in costs by the end of the process.
If you are interested visit ICANN.org
