I don't mind the idea of an open floodgate for new TLD's. Good ones will rise to the top, bad ones will die, the artificial scarcity of domain names will vanish.

I hate the idea that anyone can own a TLD. This just recreates the .com domain name land rush and artificial scarcity on a new and more damaging level.

As far as protecting trademarks, perhaps allow trademark holders to block a TLD, but not own or control it. Either the TLD is there and open to all or Blocked and not allowed to be created.