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Also the one thing that kinda sucks about it is that I hope they don't increase the rates of domain renewals and prices to counteract them paying out because that would seriously suck. Also can you use your own affiliate link - they should allow that so that you can buy stuff with namecheap through your own affiliate to get a rebate of sorts - it really wouldn't impact them since they're not losing anything and it's the same as being on someone else's referral since they'd be paid out too.
I don't think this is the kind of affiliate del where you would concentrate a huge amount of resources to push it, but for a little incidental income, you can't complain if you have been recommending Namecheap to people anyway.
I know some people only look at the $ they can earn in affiliate marketing, I prefer to recommend products irrespective of the earning potential that have value.