If you are looking to purchase some new .com domain names, 1&1 is offering $5 specials for new .com domains. The $5 price includes the domain name registration fee along with free privacy registration - for the first year. 1&1 will also pay the ICANN fees for the first year. The $5 price is only for the first year. This special is only good for new domains, not for renewals.
After the first year, renewals are at the regular prices as of the time of renewal, which are $9 per year now, and will increase to $10 per year on July 1st, 2011 (according to the renewal email I got in mid-May 2011). Free private registration is included for free with renewals as well.
A potentially good use of this promotion is to stock up on alternate and backup domain names for your website, blog, gallery, portfolio, and photography musings. Or if you came up with any good domain names for future use or development.
If you haven't used 1&1 before, please note they have a rather unusual and awkward billing system that some people may find irritating.