This seems to be the least controversial of this round of applications, given the lack of comments so far. I think it's just as logical as other special-interest domains like .MUSEUM and .AERO (though it overlaps .AERO, given that the air travel industry is obviously part of the travel industry). Thus, it could be sensible and useful, but only if it gets actual use, which the other special-interest TLDs have unfortunately not been very successful in doing so far.
It will be particularly interesting to see what policies are devised for the deployment and use of the initially-reserved geographical names (cities, countries, etc.); if they stay unused, or fall into the hands of speculators, it would be a less useful situation than if they can somehow be channelled into uses which produce good sites about travel to each given place -- consumers might actually start using the .TRAVEL TLD if they get good results from type-ins like BOSTON.TRAVEL or GREECE.TRAVEL. But how would the existence of multiple places of the same name (Paris, France vs. Paris, Texas; the U.S. state of Georgia vs. the eastern European country of that name) be handled?
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