Called Godaddy for Icann update
 

Ok, the reason I called them because I was a bit confused after reading everyone's posts regarding the subject. Some people had it figured out but were drowned out by people claiming it will now be easier to steal domains and a lot of misconceptions.

I was under the impression, the new policy simply switched the transfer powers from the losing registrar to the gaining registrar (which would send the confirmation email) and that if the admin contact did not respond within 5 days then the gaining registrar would automatically control the domain.

This is what the CS rep from Godaddy told me. Before the transfer request is even initiated, there will be a confirmation email from the gaining registrar to the admin contact verifying they want the transfer request to proceed. After that step, and only once the admin contact verifies, will the new email confirm the transfer request. The whole point of this ICANN thing is because losing registrars wanted the renewal fee and after a domain was verified and about to be confirmed for transfer, the losing registrar would stop it from taking place.

So, for everyone thinking they are going after GFY/Yahoo/ etc.. if you don't have access to admin contact info, you aren't getting those hot domains chicos.