I agree with Richard's opinion, Joel.

That's why it's a good thing to keep a close eye on individual partner results so you can try to bolster poor conversions with free content ... such as offering to do a teleseminar with those list owners as extra incentive ... I'd also give them conversion tips and tools from the get go (pre tested ads, teleseminars, video, advise adding complimentary bonuses, etc.) to better their chances.

Often times folks confuse simple affiliate programs with endorsed mailing JVs ... affiliate software is used to track both because they are very similar in the way they are promoted ... but beyond that, the latter is a one on one relationship ... and should be treated as such.

Best,

Mike