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JKI think grading companies do account for registration - however, it is merely one factor out of many that are considered and its not weighted any greater than a crease, a wrinkle or centering.
Here is the grading guidelines for SGC - poorer registration is first mentioned at the sgc 40 level. This leads me to believe that a card with sharp corners and poor registration (such as the one above) would grade no better than a 40 (much like a card with sharp corners and a tiny spot of paperloss will generally grade no better than a 30 by sgc).
40 VG 3: 90/10 or better centering, corners more rounded--but not excessive, stronger creasing may exist. Poorer focus, registration, and discoloration, and staining are more noticeable.
30 GOOD 2: Centered 90/10 or better. This card usually exhibits one or more of these characteristics: heavy print spots, heavy crease(s), pinhole(s), color or focus imperfections or discoloration, surface scuffing or tear, rounded and/or fraying corners, ink or pencil marking(s), and lack of all or some original gloss.
20 FAIR 1.5: Centered 90/10 or better. This card usually exhibits several of these characteristics: heavy print spots, heavy crease(s), pinhole(s), color or focus imperfections or discoloration, surface scuffing or tears, rounded and/or fraying corners, ink or pencil marking(s), and lack of all or some original gloss, a small portion of the card may be missing.
10 POOR 1: This card usually exhibits many of these characteristics: heavy print spots, heavy crease(s), pinhole(s), color or focus imperfections or discoloration, surface scuffing or tears, rounded and/or fraying corners, ink or pencil marking(s), and lack of all or some original gloss, small portions of the card may be missing.