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They show first and second page hits...they also have one of the best stats tracking. If you click on the day you can see all your first page hits.
You'll find that most sponsor programs calculate their conversion ratio with a little voodoo economics. In the end it comes down to sales, etc. Gonzo for me was a cash cow for awhile, but now a lot of people are promoting it, the sponsor content is saturated, and it's a good time to move on. However, PG has always been top notch in support, bending over backwards for webmasters, etc.
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