Care to clarify, Dave? My impression - and my beef with the system - is hitting you up for money up front then charnging you a cancellation fee if you cancel before the event (or within a reasonable time after the event).
If you are saying you can get 100% refund if you cancel your entry within 7-10 days (or whatever) after the event (though I always contact the registrar immediately afterward - if not before - and I prefer the "enter online and pay at the track" options) then I agree with you. With rare exception, if an event requires a pay-in-advance with an online pre-entry then I will almost always enter at the track and pay the late fee.
Please clarify, Dan and Dave. - GA