It's just a new version of .com and since it costs so much to setup a new tld they have to recoup it as quick as, just means all the good names (short ones) are available again (with exceptions, see below) and you might get a mistype going to your site rather than the intended .com - although wait for all the legal stuff over who uses names that are already taken as .com
Take for example 'mcdonalds' they have the .com and .co.uk and probably a few others but not .co - why not?
They don't need to, they have trademark protection, so if you reg mcdonalds.co then you would be in a heap of pain.
Domain name extensions are running short of usable meaningful names, and those useless gits that buy up and hang onto good names hoping to make a fortune selling them should be forced to release them if they're not in active use rather than just creating new extensions.