You can too consider too that over the next 10-25 years hundreds of thousands of domain names will be dropped.
sounds like just another domain extension
You could make a purse site: ba.gs.
Or a jobs site: gi.gs.
Or a girl watching site: le.gs.
What else could you make?
I guess .gs is targeted to UK (South Georgia Island belongs to UK), if someone is interested, my .gs was optimized for a non-english country but is ranking better in google.co.uk. :cool:
Update: probably is ranking better because there is less competition for the same keyword in UK.