Multiple Years Domain Registration
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Is there benefit to registering a domain name for multiple years from a SEO standpoint?
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Ask Matt Cutts!
I've read that a 5-year registration is probably better than a 2-year one, as if you consider what google is looking for (authority implies longevity) and what they don't want to see (short-termism) it's possible it's a signal. Higher domain registration costs are a barrier to a business that operates MFAs or farms, for instance.
Given the price difference it's a no-brainer as far as I'm concerned. If you want hard evidence, A|B testing would probably be your only option.
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Larry,
In theory I'm in agreement that extending domain registration for multiple years should send a positive signal to Google that you are here to stay. In my experience I've not seen massive boosts from this, but it is something I would definitely recommend you do. It also helps avoid the embarrassing situation of having your domain dropped 1-2 years in as you are busy dealing with other internet marketing details

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Matt Cutts says it's not something they're using right now -- it's in the patent, but they're not doing anything about it right now. Here's the video where he says it: