New gTLDs are anything outside what is currently available. Here is an example:
find.cars
instead of ".com", ICANN is allowing ".cars" or basically "._____" whatever you want.
This will open an entirely new window for the internet. Anything from "your.name" to "theskyis.thelimit" will be available. If you search for vacation property you may find www.vacationproperty.com near the top of the list. In the near future the same search may yeald "vacation.property" or "something.vacationproperty" opening the door to another internet boom as individuals and businesses strive to be creative and competative!