I've tried this with advertising networks before and failed miserably, rarely do any of the clickthroughs even on highly targeted keywords actually convert.
The best way to do it is:
- perform some amazing SEO feats
- get a professional design, images are crucial, pay someone if you need to. There are lots of young designers out there willing to do great work for cheap, or outsource even.
- have high-quality (0% typos, misspellings, grammar errors, etc.) writing. Get others to proofread the stuff or rewrite them for you if necessary.
- write articles that are entirely unique, the same old I love this hosting network, it's really great, join to make me some money won't cut it -- not saying that this is what you wrote because I didn't read much of it.
- be honest in your articles, lying to try and get more sign ups absolutely will not work, especially if you want lasting referral income, but I suppose in your case it doesn't matter as much because you get a set price where as I get set percentages.
- submit your articles that you spend real time perfecting and are genuinely interesting and helpful to popular sites like: digg.com, fark.com, stumble upon, etc. These articles may not be reviews of web hosts themselves, but have them related to the subject of hosting. How-To guides get great traffic on their own, anything useful and free is gold. Tie in your host reviews with these articles somehow.
- get a domain, sub-domains are hideously untrustworthy and just plain unprofessional.
Don't bother paying for text links to your site, if you do what I said above you won't need to. It's a waste of money frankly. The traffic may start extremely slow but it will grow and eventually you'll start seeing REAL results. I hope that helps.
P.S. Jon it's weird that your signature doesn't show in your pre-signature-creation posts.