There was a thread in the Link Lists & Getting Listed forum about the pros/cons about submitting to as much LLs as possible or submit to just a few ones you know can send traffic quickly. You can find out more about what members of this board concluded
here.
Also, as Jim pointed out ( and as I have recently discovered myself ) using revshare whenever possible or at least mixing up pay per signup with revshare is what should be done to maximize the benefits of your traffic.