“flexible terms” for domains
Am I the only on reading this as: "we wait until you have a user base and make money and then we own you"? Maybe I am cynical here, I just recently learned that domains are monetizsble on the gigadollar scale.
Concerning that "strict separation between the registry and registrar sides of the business", doesn't anybody remember how that impenetrable Chinese Wall worked out in investment banking? A conflict of interest remains a conflict of interest and will not vanish when the company waves their magic wand.