the Internet boom is dead, yes there will be growth spurts when new countries are put online or systems upgraded to make it more accesible such as in China, India etc but there will never be such a growth spurt as seen in the beginning, the growth period of the lifecycle is over and now they are in the maturity stage and trying to create post maturity growth by adding new extensions in the hope it will spurn a new landrush each time. It will work the first few times but people will become accustomed to it after a while and that strategy will not boost interest/adoption anymore.
That is what I meant with the hamster being dead. Now you can disagree and say when they bring out .kids/.sex/.no/.goo it will be a landrush, yes it will, for a little while, and everytime they bring out a new one interest will drop, and most will go the way of .cc
I agree with your localisation point I guess I was just coming at it from a different concept not just domain names. Then again globalisation is here to stay.
I think the next big thing will be the multi-lingual and character domains not new extensions, especially in countries where the English alphanumeric system is not traditionally taught, countries in Asia, the Middle East and to some extent Eastern Europe.