Since when has Google favoured "brand" domains? We've gone from Google giving a boost to exact match domains to that be dialed down or removed and now some are saying they favour "brand" domains. Lets keep it real.
That's my recent experience with it and it certainly doesn't mean every domain.
For example. Your brand is dog and your industry is security. The best domain would be dogsecurity.com.au
My opinion is that Google says Ok. So your Brand is Dog and your industry is Security. Your homepage is geared towards the most exact matches which is "security alarm systems" and although there are a bunch of factors. But ranking a site for "security alarm systems" is easier than ranking it for the same term on "securityalarmsystems.com.au". I'm basing this on a quick win, not a 2-5 year plan.
I've found different software will promote different sites. For example, loseweightfastdiet.com.au is wordpress. Admittedly content is pretty thin and it's still an unfinished project. However as I understand, It would have once ranked for its domain no problem. The only other page on the site I've developed is here
http://loseweightfastdiet.com.au/celebrity-diets/watercress-soup-diet/ and it ranks 5th in PFA.
On the other hand another domain computerforums.com.au (low search) ranks well in google. I've done nothing more than install a forum, built a small amount of content and some users have found the site via google. It ranks very well for it's keyword. In saying that, the first example is high competition, the second is low.
Decent article here and Matt Cutts video from late alst year on choosing a domain is worth a watch as well. He pushes for brandable domains, but for more core client base (SME) in the middle is a btter option. In saying all this, I still see lots of value in EMDs.
http://www.seomoz.org/blog/are-exact-match-domains-in-decline