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Many if not most of the 2nd and 3rd tier ppc engines have very little or no traffic. Their main source of clicks will be through partners. You have to ask yourself, how well maintained will these partner networks be, how advanced will click fraud monitoring be and what quality of traffic will I receive.
Mack.
My company deals with other partners with 1 cent bids (ours is 3 cents) so yes there are engines with that rate. However, you will probably not get it because of the revshare issue (which is why we set ours at 3). Most likely you'll always be 2 cents and up.