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I can see some advantages of this model. If the webmaster has a traffic source outside of the TGP "circle" then they've already helped push the surfer along towards the ultimate goal of signing up at a paysite, rather than just looking at free pr0n all day. Both the TGP webmaster and sponsor save on bandwidth since the freeloaders only ever see the tour for the TGP.
The one sticking point is that the TGP webmaster is using sponsor content to generate direct income. So long as it's a reasonable price (eg a few bucks - and not competing with a paysite by promising 100,000 images for $19.99 a month) the qualified traffic sent to the sponsor should make that content issue moot. IMHO.
I toyed with this idea a few years ago, including trading qualified traffic with other webmasters running similar sites, but I don't really have any alternative sources of TGP traffic.
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