It will now be possible to have URLs and Internet addresses in Non-Latin script. This means now it will be possible to have domains in Arabic, Chinese, Hebrew or other languages. This was heavily voted by the board of ICANN at Seoul just recently.
Out of the 1.6 billion netizens half are those who speak languages that do not use Latin scripts. It is these 800 million that will benefit form this move. The change could come as early as next year and is being considered as a big one. For the past 40 years or so the same old system has been in place and this is a good development in this sphere.
On the technical front some major changes would be required in the DNS so that it is able to recognize these non-Latin characters and scripts. Once that is done, the rest will be easy.