I now only promote sites that give me a username/password to their sites so I can select my own pictures and content for promotion purpose. I am actually quite particular now about what I use because I know what seems to convert and what doesn't.
Toplists and banner exchanges are definitely pretty much done. Once upon a time they worked but that time has passed. Blogging seems to bring in traffic extremely well if you get some Google love but you have to closely analyze your traffic and stats to take advantage of any unexpected visitors and search terms that seems to be heading to your site.
Basically, the days of building a site, getting a shitload of traffic to it and cashing steady checks are done.
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