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I would say it's an excellent price, but one pitfall to watch for is who actually owns the name? Don't assume that because you are giving them money that they are selling you the domain name. I have known services in the past who offer to purchase the domain name on your behalf, however they retain ownership of the domain and will only point it to their servers. If you go with another host, you lose the name. If you don't have control over your IP, you are probably getting ripped.
I'm not saying that is the case here, but it is something worth reading the fine print for. I usually use directnic.com ($15), but now I have to look into GoDaddy.com (thanks Monkey!).
If you are unsure of your host at this point (might change as needs change if you are new to this) another service to look into is one such as ZoneEdit.com It normally takes a few days for your new IP to propagate between all the DNS servers until anyone entering your url goes to your server. Pointing your domain name to the ZoneEdit service once means that you can change your server IP within seconds if you ever need to change it. Maybe you feel you need it, maybe not. It is an option to consider and their prices shouldn't be an issue (VERY low).
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