.Tel is currently in the sunrise phase, and is only available for companies with registered trademarks. I think there is a 6 month trademarked timeframe or so, read that somewhere. So you can't just make up a company today, trademark it, and register a .Tel for your company.
This is all audited by Deloitte.
On Feb 3rd, people can register during the landrush phase. Certain registrars, dotster, eurodns, domainmonster allow pre-orders for .tel domains. They usually only allow one person per name. So if I pre-registered chicago.tel and sushi.tel on domainmonster, no one else can pre-register it for landrush. However, another person can pre-register those two names on dotster, eurodns and whoever else is offering pre-orders.
On Feb 3rd, all the registrars with preorders apply for their domain names and basically whoever is the fastest wins. Domainmonster was offering pre-orders for domain names months ago and they only charge your card on file if it successfully goes through. I had 25 names pre-registered on DM the day they announced landrush pre-orders. I canceled that down to 3 and canceled that down to 2 premium names. I haven't been charged anything and won't be charged unless my names go through on the 3rd.
The 3rd phase is the general availability phase, I think sometime in March or April. Anybody can register for $10-15 depending on the registrar, however, at this time, you can expect that most premium names will have been scooped up during the landrush period.