As you mentioned in today's podcast, some registries want to bypass the registrars entirely. You will recall, I trust, that one of the main objections by ICANN to IOD's original .Web proposal was the fact that IOD was going to open for business without registrars because the registry was ready to go. ICANN called that a non-starter and, even after IOD committed to using the registrar model from day-one, ICANN said that the damage had been done by even suggesting it. Unless ICANN is prepared to do yet another 180-degree reversal, I don't see how this could ever happen.