Spade, you bring up some interesting points. However it wouldn't be impossible. Contracts are not eternal, and when renewal time comes around for those contracts, registrars will be more than happy to have 2 or more suitors... Obviously anyone getting into this would need deep deep pockets, but there are already some businesses out there who might benefit from branching out... And the fact that someone would need deep pockets to pull off something like this only increases the value of this domain.
Domaining will become more mainstream over the years. And there will be some big businesses looking to invest. Maybe not today, maybe not tomorrow, but yeah.. Could possibly be a very nice payoff if held long enough.
We also have to consider the possibility of rebranding by an already existing major player... I don't think Pool will be doing that anytime soon... But SnapNames, TDNAM, ClubDrop, etc... Personally I think they would all benefit from switching to the DropCatch brand. It just sounds catchier
Personally if I owned this, I wouldn't sell for less than $xx,xxx, and im dirt poor, so thats saying something
As for other people's comments about development... Development is irrelevant. This is the premium .com for this industry IMO. Anyone who buys this is only going to scrap the development you've done and implement their own system.