Decentralized DNS is going to be the power app of the decade.
If you can pull it off. The entire internet will change, literally. Every single thing anyone does on the internet today depends on DNS.
...the importance of this, is huge.
One suggestion: Don't do the rent a name thing for a few months, and renew it, in some other implementations I saw. People need stability. They want to buy a name, and know it's theirs to do whatever they wish for the next 2 years before it expires.
This isn't suppose to be a money making machine. It should be something created for free speech and innovation.
P.S. Namecoin has proven to be the little engine that "couldn't". I recommend we start fresh.