ppc > squeeze page > email content with "recommended resources" via autoresponder. The resource links redirect to my affiliate links. I do well with some review sites as well, but my business is really built around squeeze pages and list building.
Even though I manage to get adwords to like my squeeze pages (QS is often a 9/10), they do eventually get slapped.
So after one of my primary sites getting google slapped a couple weeks ago, I decided to take all of my content from my autoresponder and build a content site with it (and still use ppc for my traffic).
I'm using the exact same content, but instead of emailing it to them over a month or so, I am using it for content on my website.
BTW - I used articles for my AR, so it was a pretty straight forward process to just copy/paste to my bolg.
1) I went from a 30% opt-in rate, to 10%.
2) My hops are a lot higher (since the links are also on my site now, not just my AR).
3) My sales went from 3-4 per DAY, to around 2 per WEEK.
While I fully expected my opt-in rate to drop, I wasn't expecting the sales to drop like this. Needless to say, I am going back to squeeze pages.
A lot of people here build content sites. It may be worth testing this out: take your content and use it in an autoresponder, and drive your traffic to a squeeze page.