It finally happened! We see the full buyout of 4 letter domains on Nov 2nd, 2007.
We don't see much 'irrational exuberance' even at the end of buyout. The numbers of registered names in August and October 2007 is just comparable to that in September 2006, and no way close to the highest month, which was in November 2001. This is definitely a good sign as the domains are just naturally bought out. And we wont be seeing max drop in the following years.