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If you are planning to build a web site right away for your domain, it is often easiest to register the domain name with your chosen web host. If you decide to host and register separately you will want to choose a domain registrar with a quick DNS set up time. Usually this process can take as long as two days to get the domain name and web host in sync.

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True, but sometimes people might prefer hosting their site & regging their domains at different places

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yes but theirs nothing happen just need to wait 2 days rather than down for days
most registrars provide costly or bad service like godaddy

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Various offers are available around. Some offer a domain name and a host package. While the rest, offer domain names and webhost separately. Whether it is a package or not, it is a matter of choice on the client. At the end of the day it is the site uptime which is the primary concern.

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When I register domain name it seems I don't need to wait 2 days like old days. It just comes up within two minutes. Maybe not available for some regions, but it is quick enough. So, for me no more 2 days.. only 2 min.

All time I register my domains at enamo and choose my own dns, my site is up in 4 hours max

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This is what I do on godaddy.com since that's where I get my domain names. I don't know about other hosting sites though. I've done it in the past, but was never in a rush to get a site up.

I'm currently building a site and have a domain with GoDaddy and still haven't decided on my host. I'm Looking at Hostgator's Hatchling plan.. Is there anything as good as this out there for cheaper or as cheap a price?

Do you want to host your site at the other hosting company?

its beeter to buy a website which has a better PR ranking .. so tat u may be havin many traffics in ur site ..