I'm 100% with you on this one, Andy. If you're going to build a "better mousetrap," you better pony up the cash for a clever domain. WA doesn't stand a chance with that name, no matter how good it is.
Yahoo is doing the same thing with their Yahoo Answers. Anyone can flag you and you're instantly removed from their site, without review. So . . . if your competition sees that you've got a presence, all they need to do is flag you a few times and you're gone - even if you're not doing anything wrong. These sites will eventually fail if they don't do something about their moderation/flagging systems.