Well, it looks like the short/good tlds were either reserved or already bought. To me it's just another failed distribution model/project. How many active handshake websites are there? 99% of the domains sold seem inactive, purchased for speculative resale value.
Guess what? I'm working on my own fork with a more value-based distribution(IMO).
That's up to debate I guess :) I'm sure people say the same about the web/internet today, but still good domains are being created every minute, because someone is more creative than the ones before.