Not sure about cognitive mining but as far I can can HashRack seems to just be offloading all the financial risk onto the owners of the hashpacks.
scenario 1
You buy an ASIC from BFL
Wait for it to be delivered turn it on
Pay for electricity and keep it running
Profit
Scenario 2
They buy an ASIC from BFL
You both wait for it to be delivered, they turn it on
They pay for electricity and keep it running
Profit - HashRack fee
Essentially all hashrack are doing is getting you to pay for the ASIC, then skimming off a fee off the top for up keep. Although I can't see what the fee is on the site.
3%