AJ and I have said many times if we knew everything we know now, we would probably have started in traffic.

You don't have to mess with content, cranky models, card fraud, password hacking, or any of that. Granted, you still, for a successful traffic biz, have to do very regular updates and constant marketing, but I'd choose traffic any day... if demand in the marketplace suddenly changes, you can change course nearly instantly and start promoting different sites.

The other thing I tell people all the time is... while I think you can still be successful with a new paysite, I do think it's a lot harder than even 2 years ago. And I think we will continue to see consolidation, both among affiliate programs and traffic sources, in coming years, so it will most likely get increasingly harder for new entrants to become large programs, at least to do so quickly.