This is ridiculous... why is this TLD being allowed? Its main use is going to be abuse, ranging from squatting to phishing (chase.co, paypal.co, anyone?).
It looks like they're giving trademarks registered before 2008 first dibs, so as long as those big companies' IT departments are on the ball, they can pre-empt the squatters.
Yeah, but for a tax of $300. The big companies will doubtless all register theirs, but there are countless other sites that won't have the time/resources to do this.