What is Wait Listing Service

Answer to your first question,

What is WLS? -> http://www.namefaqs.com/question/qstId/20.html

What will its effect be on the market? There are varying opinions. I don't think we'll see a huge effect in the aftermarket because drop seekers with large bankrolls will still end up with the best names. The only advantage might be to small niche players who notice a name with a chance to drop early on and take a gamble on a WLS subscription.

Companies like Pool and NameWinner will obviously have to change their business models.