I just launched one yesterday for a small business. I'll probably launch another today. If it takes you more than 4 hours to ship, you've probably made it too complicated and you'll never finish it.
Only two small issues I noticed were you can't change the whois data, and the 2nd year would cost $39. You can turn off autorenewal and transfer it in a year though.
I just tried it.. not too good to be true! They even give you complex DNS zones and setup was near instant.
I usually even go as far as setting up a website. Here's a coupon for a $0.99 domain name (http://www.networksolutions.com/domain-name-registration/PS-...), and here's some $1/month web hosting (http://www.lowendbox.com/).