The reason for asking this question happened just this weekend.
We want to build a website similar to an existing one we own. The domain name in question has been owned since 2008. Has no content at it, at all.
It was set to expire yesterday at 1pm and (news to me) registrars have a grace period of 2-4 weeks to renew. Weeks ago, I had setup a backorder at godaddy and this morning, I get a notification that the domain name was renewed for another year.
It's not being used; we have a need for it that's in direct alignment with our business.
IMO, hordeing domain names hurts new businesses.