REVIEW IN PROGRESS...I signed up with Pheenix on Saturday and submitted five domain names for backordering on Sunday. I was very surprised and pleased because out of the five domains I submitted, they caught three of them! I was surprised because I really wasn't expecting them to catch a name, considering the price of the service (GoDaddy.com costs $21 for their backorder service, and they can't even catch a cold!). Service emails are handled promptly, and the best part is there are no dreaded AUCTIONS...it is first come, first served! If I am the first person to submit a backorder for cat.com, for example, then I become the only person to backorder it---no multiple backorders allowed! I hope they will keep it this way!
My only concern involved managing the domains after they are caught. As it is now, you have to contact support if you sell the name and want to push it to the new owner. Since they are the drop catcher and registrar, they will have to work on this, but I was assured that more features will be added soon. All and all, this is a very good service!