I've been doing a "carpet bombing" approach and now submit to about 120 LL's, most of the big ones and quite a few small ones.
I figure that it only takes one hit to get a sale and that could come from anywhere. Also, i reckon that some LL's don't list me, and maybe never will. Maybe they just don't like me

so the more i submit to the better.
More traffic is good because it at least makes you think that your efforts are getting seen by surfers, (even though the bastards are sucking up your bandwidth), but i agree that smaller niche places are more likely to get "quality traffic" ie ones that get the CC out.
I do object though to pissy little sites that act like Hitler and send you gnarly emails slagging off your site building skills etc and then you look at their site and they have maybe 200 links in total and have only ever sent you maybe 1 hit anyway!
Surfn, what was the thread you wrote about this type of thing on. I am interested to read it.
Cheers
Rayzor