If the registrar is also being used for catching domains then I would imagine the security benefits would be little different to a regular registrar. Overall though I cant imagine either service appealing to any particular market, how many people would trust their names with a registrar that pool has control of? Especially given that the people who want their own registrar are generally paranoid about security (as they should be in this industry in my view).

Frank Michlick:
I have to agree with you here. While you do get the registry login and password, you are still not the owner of the accreditation, so to me it does not sound like this solution offers the security of having you own ICANN accredited registrar.

If you’re going to pay out that kind of money per month it would probably be cheaper just to get accredited….

I’d also wonder how long they’d be able to get away with that kind of usage of their accreditation before ICANN (or someone else) questions it