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It looks like the Euroseek deal with Espotting was only signed in June 2003 too so something must have happened for them to be able to terminate within a year.
Only in November have they had a surge in traffic. Prior to that, they were nowhere really.
Perhaps they had a clause in the contract about the minimum requirements - such as a logo on the Espotting front page or that they would only stay as long as Espotting had Yahoo as a client.
Or perhaps Espotting didn't pay on time. That is known to annoy people from time to time.
Looks like the reason they don't have any front page partners now is that the majority of them have left and gone to Overture or Google.
The biggest concerns that I have heard from Espotting affiliates are a) That they don't pay on time, b) Their customer service is poor and c) That technically their system is vastly inferior to that of Overture and Google.