Nominet and ICANN - Happy Ever After

Links between the .co.uk body Nominet and ICANN increased at Marrakech, with each recognising the status of the other in an exchange of letters. This likely does, as suggested by the Register, bolster the international status of ICANN - but the questions still remain. Is it really in charge of domain names? Should it be ? Who made it so? Can it be unmade? Competition, human rights and the odd trade mark question abound.