I have a different take than
@NameAgency. In terms of success rate DropCatch catches at least 50% of the drop caught .com domains, Could be a lot more. The disadvantages of DropCatch is that if there is more than 1 backorder for a domain, the domain goes to public auction, and goes to the highest bidder, who may not have even bid on the domain pre-deletion. This is a significant problem. But if you are the only bidder, you win the domain outright. The advantage is you prevent NameBright going after that same domain. You should always use a full price backorder. Their discount club backorders come with so many exceptions. And some say NameBright might even be using your discount club backorder to also backorder the domain. The discount club backorder always will lose out.
SnapNames/NameJet are probably the next biggest winning backordering block of domains. Like DropCatch, domains with 1 backorder are won outright and with multiple backorders go to a closed auction (unlike DropCatch). A closed auction is an auction where only the original backorderers participate.
Pheenix has two levels of backorder. Full price and discounted price. There will be exceptions, but I haven't determined (personally) much difference between the 2 prices. Pheenix generally will pick up stuff not caught by DropCatch/SnapNames/NameJet.
Dynadot are competing with Pheenix for this bottom of the food chain. I tend to backorder at both. Sometimes Dynadot beats out Pheenix. Sometimes Pheenix beats out Dynadot. We are talking here about domains which would probably drop if backorders had not been placed.
Anybody placing a backorder at GoDaddy and expecting to win the domain over any of the above dropcatchers are deluding themselves.
You can handreg a domain faster than GoDaddy can execute a backorder on a domain. - Not true about regging faster by hand. GD checks 6 times per second.
Everything stated above, is the norm. You will always be able to point to a few exceptions.