You will get 1 additional year with the domain transfer, it means your domain will remain fine till 2012.
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It is just a transfer of the registrar, it does not change anything on your site. It is like if you take on an insurance policy with Agent X and decides you don't want Agent X but want to pass it to Agent Y which works for the same insurance company. In the end, the policy is still the same, the terms are still the same, the yearly prices may not be depending on what the agent charges but during the transfer and after the transfer, your policy will continue to be active.
That is, if your new registrar does not **** up... About a month ago I transferred a domain name and the new registrar changed the nameservers of my domain without asking to their own default nameservers. Luckily I did notice this within a day so the downtime was not excessive.
Most registrars do know (I hope) that they should never ever change nameservers during a transfer...
It was Stargate.com. Their explanation was that this does not normally happen but they had 'an issue' with my transfer...
I also had to mail them more than a week after the transfer was done because I did not receive any confirmation or login information.
It looks like they have to do some work on their registration system, they think e.g. that the .info registry is a 'thin' registry and that the whois information needs only to reside in the local Stargate whois, so they do not change my whois information in the central .info registry... thus I am not able to change any of it (except in their local whois, but that is quite useless). Same story for .org names.
I tried to explain them that the .info and .org registries are 'thick', central, realtime registries but they don't seem to believe me. They keep saying that they put whois information on their local nameservers and it then should propagate through the internet.