Enom has some very good points, including services that many registrars either don't offer, or charge extra for. that said, one of their poor points is their pricing policy. I actually don't see where it says you have to set up a $495 account to do this but, yes, it effectively offers domains below $10.
This isn't the first time they've offered lower than $30 registrations. When their registryrocket service was first introduced, you got a URL like registryrocket.com/blahblahID#blah which was fine, except that registryrocket.com worked (it resolved and had the same script without your ID#) and offered a $19.95 price.
They also change policies on a whim, giving one-few days notice, such as reseller pricing changes and credit card fees (recent 3% increase). While I like enom, if I wanted to pay $10 per domain, I would have signed up with OpenSRS. The only reason I was able to retain my pricing was from the help of another reseller (I wasn't really sure what I was going to do otherwise). Basically, from what I can tell, they either didn't have a sound plan to start with, or their plan included the plan to raise prices out of the blue.
There are many things I like about enom, this isn't one of them.