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It is common when webmasters:
a) Haven't optimised their sites.
b) Have not considered the phrases they are optimising their sites for and analysed the competition where the results will appear.
For example, I put 100 URLs in PFI for a site selling holidays/vacations. Although it is a pretty competitive area, by researching the phrases to target properly the site received over 25K highly focussed, targetted and converting referrals in the first 6 weeks of its existence with no PPC or Google listings.
You can get great results from PFI if you work at it. However, just thinking that you submit and you will get traffic is not really true.
I know it's a little late now for this, but I think the best way try advertising on Lycos is through their Adbuyer PPC program first. For only $.05 a click, you can cheaply determine the number of people that actually use their network of sites.
Keep in mind though that Overture listings appear in Lycos results even before Lycos PPC results do.
I should be PFI'ing any/all pages that are optimized for different search-phrases