It doesn't have to be anything more than a "me to" product.

Noting that if you google "domains" they now come up as the 2nd organic link. Nice to be king, eh?

Edit: I own a registrar and we compete with them (if you want to call it that). Obviously I am just referring to the fact that they can instantly rank high with what amounts to a beta product hence the "king" comment. Of course they need to be more than "me to" but that ranking goes a long way in getting them business even if they do very little.