I love the idea of namecoin and it's possibilities.  The issue is that we can't expect it to take off until a mainstream DNS provider will resolve .bit lookups.  And what happens when someone pays the thousands to ICANN for .bit.  Then who really owns it?  We have to make the .bit tld ubiquitous or else it will fail.  I'm not saying now but eventually mainstream browsers or dns providers will have to give it legitimacy.  Who knows if they will.

/edit Typos