Rolo, if I was a program offering hosted galleries, I would make sure that I have full stats for ALL calls to the hosted galleries - exactly how many (pre-shave) signups are made versus page displays on a per referal basis.
Given a couple of months, I would move to shut down access from less productive sites.
Remember: if you are trading exit traffic with a site that does alot og hosted galleries / tgp traffic, then the value of that exit traffic is also going to be down (because conversions will be worse to start with)... so you go from 1 in 1000 mixed traffic to maybe 1 in 2000 mostly TGP traffic... suddenly hosted galleries are not just changing the numbers for a single site, but for all the other sites and programs they trade with.
Alex
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