Just to reverse things a little - with my sponsors hat on.
I am just in the process of auditing and migrating all our affiliates to our new system. We have a "ton" of affiliates - but very few that actually do anything. I research a large number of TGPs/Directories each week and the vast majority are way of date - very old galleries, sites/programmes that are closed.
Is it any wonder that surfers are becoming less and less interested in that format? Add in the ludicrous amount of circle jerking/skimming and it's a nightmare.
We have killed the golden goose by incredible greed. My two cents.
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