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Mutt:
Easiest way to find out is to sign up for a couple and look at their sponsors and the level of 'mailings' you get. If you get 1 mailing daily with sponsors averaging $35 per sale (with their volume they probably get more, but for argument's sake) you can start to figure what their ratios would HAVE to be to make it profitable.
The way I see it, and at one point I had pursued the idea of a 4free, is that for every $1 (for example) you pay a webmaster, you need to convert it at among your sponsors at a rate that makes it profitable. If you have a sponsor paying you $40, you'd need 1:40 conversions to break even.
There are a few factors, most 4free programs, whether they tell you or not, will remove or shave sales from you based on how many people opt-out of their list from your affiliate code within a given period of time. If surfer A opts out within a week, you lose a sale as a result.
The trick is to pack your members area with plenty of sponsors, as far as I can tell, since your goal is to make more than $1 per opt-in surfer. If you team up with enough free/low cost sponsors, can't be that hard to pull off, which is why so many people are doing it. I for one will say that working with a couple of 4free programs as a sponsor THEY use, their conversions are quite good from 'members area' traffic. Not 1:40, but for the volume they were in the 1:100 range if I recall, and we were one sponsor of many.
C.
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