Yes, over 500 new Top Level Domain Names (TLD) are coming.  Play your cards wisely and strategically.

You you haven’t heard, well it is time to pay attention and wake you.  There are over 500 new TLD’s coming and it is most likely going to be another huge “Gold Rush” with the likes of .Attorney, .Architect, .Boston, .Apartments, .Accountants, .Actor, .Ads, and many more.  Perhaps the biggest to date!!!  The overflow of information and registrations is going to be extremely difficult to manage so they are going to have to manage this new roll-out with kid gloves to make sure servers and the Internet don’t blow up :-).  Fortunately they have a plan.  Read More Here at MOZ.com

Yes, initially I feel it will take the market longer to get used to them. People still have trouble with sub-domains and .Net. These are regular people not SEO or tech people. So I think .Com will still remain king for quite some time, similar to 1-800 phone numbers which people still identify with today even though most people have free long distance, however over the long haul, if-you-have-a-really-bad-domain-name.com now might be the time to buy and stake a better claim :-) and get one more relevant to your needs.