If Keywurl is going to turn everything with a space or without a period into a search, this should be something that the user can disable. This is because there may be URLs like the following:
localhost
about:blank
javascript:alert("hello")
Some websites also have links with unencoded spaces, which cause unexpected redirects to the default search engine.
I think it would be better to simply look for a keyword as the first word of the URL, like I do in this modified version of KeywurlBrowserWindowController: http://gist.github.com/278925