You guys should check the webmaster lounge over ARS, I just saw this there:
Change in WM Referral Program regarding board sign Posted By: Becky from ARS4Real
The original intent for the WM Ref Program was not to be used as a message board sig program. However, everyone has used it for that purpose on GFY. In an attempt to correct the problem, we will be cutting the payout per CPM in half. 70% of the remaining 50% will be credited to webmasters. The remaining 30% will be credited to GFY. This change will not affect the Per Click Payout. The program and pay rates will continue unchanged for all uses other than a GFY message board sig. To receive the full payout, you must submit your URL, and will receive the full payment amount once approved. Again, this change affects ONLY GFY message board signatures, and not the standard Webmaster Referral Program.
So I guess that not only you have to wait for approval, but also you're going to be payed only 50%*70%*$5 CPM which comes down to $1.75 CPM...
Happy posting....
