Whatever Happened to the "new" TLD's?

reklis asks: "What happened to the "new" TLD's that were supposed to be released back in '96? .web, .biz, .npo, etc. The only thing I could find is www.edns.net the Enhanced DNS system of some sort which links off to a few different organizations who acctually register them. You can buy one, you can have one, but you can't connect to one because why? Personally I'd like to be the first on my block to have a .biz or a .web. I think it would set a trend. " What is standing in the way of the adoption of new TLDs? Are we really going to get them, or should we chalk up another one in the 'vapourware' column? (More)

While I think there is a case for new TLDs, I have a hard time seeing companies abandoning their trusty .com domains for a .biz address or a .corp for that matter, and if registrants don't register for the new TLDs, then what good are they?

As it is, I think the current TLDs are satisfactory at least until IPv6 is formally adopted and new TLDs will be required to account for the increase in address space. Right now, I'd guess the main reason why they have not been introduced is due to the costs involved in establishing them, versus the benefits of having them established.

What say you folks? Do we really need the new TLDs now? Or can the Internet wait a bit before doing away with the old system?