Mylouge would track records/hits and mysql driven script.. htaccess? kinda limited.. User registration and approval..
like offering service the proffesional way
Domain can be categorized and you can also do top sites.. Database thingy could do a lot of things..
well .htaccess is for our personal use..
Any servers that hosts own dns like Cpanel or Plesk or DA can accomplish this.. But you need to edit Apache Webserver - httpd.conf file manually
and edit the dns zone.. and few hours or minutes to propagate the new subdomain. Not heavy load for Apache though.. Since merely masking or pointing to another site..