Plus, most publishers are already skeptical and probably won't touch it for some time.
It sure does. First, the screen navigation isn't very nice. Second, when you choose banner ads for many advertisers, only text-based ads show on the site. Finally, Google allows publishers to assign channels to CPA ads, but it's difficult to determine if CTR and impressions are separate, or rolled into overall CTR/impressions.
Very true. Some categories (especially those generated by keyword searches) have only one or two advertisers in them.
Participating in dozens of others. By the way, there is very likely a tracking system setup where referral fees/leads are being calculated no matter how the URL looks in your browser.