Been there done that.
My site is
www.sponsorslist.com
You won't get 1000 new webmasters a year, and even if you do, only one or two of them will send any kind of traffic that'll make enough for you to get your minimum amount for a check. (yes, the ratio of people who signup to those who send even 1 real hit is about 1:1000 webmasters)
Oh, and don't even get me started on the 60%+ of programs out there (including ccbill) that won't send you a check unless you're actively sending sales yourself as well.
I had high hopes once too... $$ in my eyes at the thought. I make money from it, no doubt there... but trust me, if I could go back, I'd have never bothered with it in the first place.