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Can someone explain why this kind of thing is a good idea? Apart from ICANN making more sweet sweet money, what exactly is the point?

burke summed it up perfectly. 1. Make lots of cash quickly and destroy any remaining faith in ICANN as a steward of the DNS. 2. Exit.

We won't need lame getfoo.com or fooapp.com style domains; it can be something cooler like foo.app.

And then the second app called Foo comes around, and...

Not if a domain squatter already had bought/reserved foo.app.