Um, sure you can. Ubuntu, RedHat, and Slackware are quite successful at this already. Pat Volkerding has been doing it for as long as linux has existed (Slackware). Yes, someone can distribute the binaries, but they can't use the {Ubuntu, RedHat,Slackware} name.
Why not?
If you don't get support for that subscription, I can't see a difference worth $350 between RHEL self-support subscription and CentOS.
EDIT: ate a word
EDIT 2: self-support desktop subscription is just $49. But the point is the same: no support.
* Access to the RHEL repositories, with faster updates than CentOS or alternatives.
* Ability to upgrade to supported tier.
* Possibly: access to RHN pages with their forums, documentation, etc?
None of which would be huge advantages to me, but I can totally see the potential value.