How would you redesign the TLD hierarchy?

at.drinian writes: "Last week, we heard about the many applications for new top-level domains that have been put forth by various businesses and organizations. ICANN, of course, has come under heavy criticism for its process. If you didn't have the accumulated baggage of 30 years of DNS, how would you redesign things? .public and .private TLDs only? No TLD control? Country-level domains?"