[JohnWebcams.com]

Here is how you have a successful webmaster program:

1. Generate enough of your own traffic to pay all of your bills and make a profit
2. Use the profit to advertise on a few webmaster boards. The main point of advertising isn't for the banners, it's so you can promote your product in a tasteful way without having to get in trouble for spam. Some boards are more tolerant of spam than others.
3. Get webmasters to sign up through this promotion
4. Spend all day emailing and talking on ICQ with as many affiliates as you can to get them to try you out. This means contacting 50+ people per day, asking them what they need, providing special things to them, etc.

I think if you contact 50 people per day you can expect to grow by 5-10 joins per day per month with persistence.

This is assuming you have good sites, a full time designer & programmer to provide people with custom promotional items, and are persistent with your sales.