This is an anniversary of how godaddy.com ripped me off with a service called "Domain Alert Pro Backordering". The price wasn't that expensive if it manages to successfully backorder a domain since it includes the registration and at that time I wanted to watch a particular domain. For an extra 10 dollars to be able to order an expiring domain is a pretty big deal but that never happened because it failed twice. First on the domain that I wanted and second on a domain expiring that month. Since a failure means a domain is renewed for a year.
The caveat is that the backorder system is only a years service. If you are just setting it up to watch one domain than you will most likely lose out in the godaddy system which other people can place the same backorder. So now after the first year you must pay a 5 dollar additional year auction service for the backorder to work. Than if your backorder is still not done in 3 years you lose that credit.
Well after getting suckered by godaddy I no longer use any of their services except maybe promotional items for domain transfers where I save a few bucks but than I immediately transfer 30 days later so godaddy will not hold my domains hostage because they really make money off their useless services. Not their domain registration which just sucks you in. If domains are important to you I suggest you find a dedicated domain registration provider.