Yes, just set up your DNS to use OpenNic -
http://www.opennicproject.org/
I put the two nearest IP addresses in my home router DNS server and instantly every computing device on my home network could resolve .bit domains.
Is there no way to do it without setting up your DNS to use OpenNic? I think .bit domains will remain a niche if you can't just give someone a url they can use without setting up anything. They will only get mass adoption when a .bit just works straight out of the box.
Out of the box DNS lookup only works with the domains your ISP DNS resolves, and that will probably remain ICANN controlled domains.
A lot of people already change that because they don't want their ISP sending them adverts and other crap when they mis-type a URL or attempt to visit an expired domain, an increasing problem.
Will your local restaurant ever use .bit?
Probably not, AFAIK the major search engines only index ICANN sites. If you rely upon search results for business, a .bit TLD isn't for you.
But for many of us, we have uses where google etc. indexing isn't even desired, and we don't want to have to give our real name just to register a domain name - as the ICANN registrars currently require.
It's not for everybody, and isn't the right TLD for all businesses. But for many of us it is a godsend.
And now it is really easy to set up networks to resolve it, you don't have to run your own DNS anymore.