How much is ENS name service?

Could you elaborate on the pricing dynamics of the Ethereum Name Service (ENS)? As a cryptocurrency and finance practitioner, I'm particularly interested in understanding the cost structure and value proposition of this decentralized naming system. Specifically, how much does it typically cost to register a name on ENS? Are there any recurring fees or additional costs to maintain a registered name? And how do these costs compare to traditional domain name services? Your insights would be invaluable in helping me make an informed decision about utilizing ENS for my projects.