I came across Namecheap's affiliate marketing program, and they really seemed to treat affiliate marketers like shit. Now, think what you want about marketing, but as a business I'm for treating any business partner with respect, and if you don't like affiliate marketers then don't have the program, but don't have the program then abuse them, especially small time ones.
So, yes, there is something wrong with Namecheap. Perhaps it manifests itself in areas outside their marketing programs too, YMMV, it was enough for me to not go forward with them, an incompatible corporate culture.
My previous registrar actually tried to hold me hostage by registering an expired domain and reselling it to me for absurd rates. I let one domain with Namecheap expire because I never check that email, but they didn't do anything evil, so I'm happy with them.