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Has anyone taken them up on their search engine submission feature?
How well does it work?
Are there options out there anyone would recommend?
Also keep in mind that there's a difference between optimizing a site an submitting it.
Yahoo (pay annually)
ODP - most important, do first, free
PPC - see Advertising Engines forum
Lycos (uses FAST, but submit anyway)
...there are a few more, plus country-specific, go through the search engine forums here and you'll find them all that are worth submitting to.
For Inktomi, for AOL and MSN and others, it's a choice between waiting and hoping for free submission (at MSN and Hotbot) or pay for inclusion for each page.
Not much altogether that doesn't require special handling for payment, probably not worth paying a service like that. You can download trial versions of the popular submission/reporting software and see what's on their lists, what they've got included. Just know that you'll have to optimize first.