Okay, let me just start off with, don't ever get pulled in by cheap prices. It's sort of like things made in countries where everyone works for dirt cheap, the product is cheap but the quality is horrible.
Anyways, I recently registered a new domain with 1and1, actually, yesterday. I expected to be able to update my domain's Name server records right away (like with godaddy), but unfortunately this isn't so. I thought I managed to set everything up correctly, but I'm impatient and saw no results. After looking around in their FAQs I concluded that 1and1 has HORRIBLE support. Don't ever use them, ever, never ever. Not even if your life depended on it, they would just make your last minutes completely agonizing.
So today after all that I went back to godaddy and ordered a transfer. So now I am waiting, waiting, and waiting, for 1and1/GoDaddy/Whoever's email. Prior to me starting the transfer, I just tried to cancel my package with 1and1, but after searching Google I stopped and used Godaddy. Search for "1and1 Sucks" on Google and you'll see what I mean.
Anyways, yeah, buyer beware.
Now I am sad...
EDIT: I also did a whois lookup and saw that ferrousmoon was registered with godaddy, so that means I'll stick with godaddy for now.