It doesn't work because the pages that take you through the registration process are not listed in the page management list.
When I go to the pages through administration, they say "You are logged in as an administrator, log out to register". However once I log out, I do not have access to any "edit" buttons. I can't see if there is an option to add text because I can't view these pages and edit them at the same time.
I agree with you uneedstuff, that it is not sufficient to have text at the top. There definitely needs to be pop up text, scroll over text, or lines of text that are able to be inserted into the form beside the relevant fields. However I also feel it is important to include the capacity to make a statement at the top of these registration pages that are not accessible from any menu.