Van Miltenburg et al. (2021) suggest NLP research should adopt preregistration to prevent fishing expeditions and to promote publication of negative results. At face value, this is a very reasonable suggestion, seemingly solving many methodological problems with NLP research. We discuss pros and cons-some old, some new: a) Preregistration is challenged by the practice of retrieving hypotheses after the results are known; b) preregistration may bias NLP toward confirmatory research; c) preregistration must allow for reclassification of research as exploratory; d) preregistration may increase publication bias; e) preregistration may increase flag-planting; f) preregistration may increase p-hacking; and finally, g) preregistration may make us less risk tolerant. We cast our discussion as a dialogue, presenting both sides of the debate.