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The short answer is that 4pics, fatpad and quoth the raven are all correct; the answer is upsells and volume. It's not a matter of shaving at all - there's more than enough money to be made playing it straight. It's simply a matter of paying for traffic/members once, and then finding multiple opportunites to sell to them.
Some webmasters might find it unfair when their sponsors have upsells that they (the webmaster, that is) aren't making money from, but that's how programs like TopBucks, Platinum Bucks, SilverCash, etc. can afford to pay $40+ per signup, 60%+ recurring and $50+ per active member.
Make sense?
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<a href="http://www.topcash.com/">TopCash</a> paying by the click for exit, 404, and blind link traffic
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