great!

yes and no.
this could have the effect of increasing the number of available domains exponnentially, which on the one hand is great for new ventures. however, it also increases the error margin for finding web pages and will make us even more dependent on search engines, if we only know the domain name but not the TLD for a complete URL.
Also, I'm a bit concerned that using different scripts will make it more difficult to provide global access to web pages. Let's say an Arabic speaker is travelling around Asia and wants to access his (arabic) website from an internet cafe. Will all computers world wide support all scripts in future? If not, it could be quite tricky...

great!

yes and no.
this could have the effect of increasing the number of available domains exponnentially, which on the one hand is great for new ventures. however, it also increases the error margin for finding web pages and will make us even more dependent on search engines, if we only know the domain name but not the TLD for a complete URL.
Also, I'm a bit concerned that using different scripts will make it more difficult to provide global access to web pages. Let's say an Arabic speaker is travelling around Asia and wants to access his (arabic) website from an internet cafe. Will all computers world wide support all scripts in future? If not, it could be quite tricky to accomodate these new developments.
On the plus side, of course, I am happy to see us moving away from an anglo-centric system and towards a more global approach.