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Valuable (legitimate) domains are often paid for several years in advance
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if this bears anything on SEO then that's absolutely a laughable thing say the least wherever it comes from. it doesnt cost a fortune to register a domain for 10, 20, 50, 100 years (if that's possible or allowed)as compared to money spent on Adword or PPC. I would expect the pair who invented google would be much mcuh more clever unless those the pair subsequently hires are in fact no more than some US high school leavers and actually come up with this ideas without the acknowledgement of the original pair.
Shall we sue Nominet's stupidity for limiting UK domain name registration to only two years then? I am calling my lawyer now...