I agree that content is the key to selling. I try to provide our affiliates with as much information about our services as possible as well as giving them direct access to our live demo so they can formulate reviews or general (and accurate) information about our services. This is more effective that a standalone text link or a banner ad. I also think this is more effective (cost, time and profit wise) than ppc, which is being cost-inflated and result-diluted by lax SE and marchant terms, lazy (or dishonest) affiliates and general spammers.
If you are going to be an affiliate, add value to the service you promote. Like others have said, just driving traffic to your directory or cookie cutter info doesn't add anything and probably won't amount to much for you or your merchant.
So, in summation to my diatribe, more strict SE terms is not a bain to affiliate existence. It just makes them work harder and develop more accurate and valuable methods of promotion.
Affiliate Marketing = Strategic Value Added Partnership. Keep this in mind. :)
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