ICANN tonight posted a newly revised proposed agreement with ICM for operation of the .XXX TLD. See:
http://www.icann.org/announcements/a...nt-05jan07.htm
"The ICANN Board considered the agreement at its meeting on 10 May 2006 and voted not to approve the agreement as proposed, but
did not reject the application."
The major changes between this proposed agreement and the last one are summarized at:
http://www.icann.org/tlds/agreements...es-05jan07.htm
(although it would make sense to review the entire agreement, to ensure that the summary is accurate; given the past issues with differential pricing, etc., registries are known to be sneaky)