It doesn't actually matter: in a world which used that sort of addressing, one could imagine saying to com 'give me HTTP info for your example/foo/bar/baz,' to com/example 'give me HTTP info for your foo/bar/baz' and so forth; in that case, com would just say, 'hey, go talk to 266.328.0.1 (that's what I call example)' and 266.328.0.1 would cheerfully return the information stored at the filesystem path /foo/bar/baz, or it could say, 'hey, I call foo 463.622.42.17' and your browser would keep resolving.
Me, I kinda wish we wrote URLs as http://com.example.host.invalid/path/to/resource.