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Stick with the big boys until the little guys clean up their act and begin to care more about retaining advertisers than attracting new ones.
The ones I have had the best experience with is AdWords and Overture. These seem to have the highest quality of traffic.
Quality is much better than quantity. I typically only stray back to the smaller PPC engines when I'm promoting freebie crap or if I'm working on building the brand, even then though, I only do minimum bid and set small overall spending caps.
The only two that you can trust across the board are Google and Overture.
Everything else is a crap shoot and not generally worth your time.
Findwhat used to be decent, but now they seem to have nothing but fraud for the top bids.
Very dissapointed in Lycos. This used to be my secret weapon. Very reasonable bids and quality traffic. Not high quantity, but good quality. However, I just had to contact them because I have received Zero conversions for my latest campaign, while converting very well on Google.
Why doesn't someone start a small company and focus on quality vs. quantity of traffic. In the long run, they will be much more successfull.