Mark,

I am not the ppc guy, still learning as well. That being said I would kill
any keyword phrases that are not based on the product being sold.
"List Building" is just too general and these people have no idea
what the heck "automated list builder" is and most likely the conversion
will be quite low.

As many others here on JV Notify have mentioned that making money within
IM products can be done it is terribly competitive and if your paying for
traffic the clicks for product based searches are usually very high.

If your just getting started with internet marketing Mark I would point
you in the direction of learning basic seo concepts and start by doing
the grunt work / driving traffic free.

This takes time and the learning curve can be high simply because their is
so much info online and plenty of it is not accurate or is out of date. However
if you stick with it an can teach yourself how to drive free traffic it becomes
easier.

I also want to mention that if your going the way of product review sites
and your targeting IM understand that your core audience will have a certain
mindset if their searching for "review" and "bonus" type keyword phrases.

These people already know about the product and are looking for a real review
or a solid bonus. If your just starting out it will be hard to bring these people
into your camp - you have no name or no product recognition. You also do not
have any way of "proving" your methods work by the way of a screen capture
showing a big affiliate commissions (unless of course your making money and
you do have these types of screen caps).

I am not trying to push you out of promoting these IM products Mark, but
I do want to give you my thoughts on it.

Bottom line: You swimming with sharks buddy :o