How to Benefit Most When Choosing an Affiliate Program - Started So Well

I was just reading an article by John Farina entitled "How to Benefit Most When Choosing an Affiliate Program". It started so well by giving a very brief introduction to what affiliate marketing is and how to choose a programme. But then I read this bit:

"The affiliate program should offer a large percentage commission and have a solid payment policy in place. That is to say, the program should pay no less than 50% and tell you up front, when you will receive your commission payments."

I thought, "chuffing heck" I can't think of more than a few merchants in the UK that offer this sort of commission. If you're flogging ebooks, dating services or porn sites maybe. But which, product selling, merchants could afford to give 50% commission? It reminded me of a post a couple of years ago on the A4UForum about one US-based guy that says he doesn't touch affiliate programmes that offer less than 40% commission!

In my mind, you can still find hugely profitable programmes at 5%. Any less than that you've got to be getting a load of free traffic to make it worth your while.

So my advice would be to:

1) Work out how you would be promoting the merchant;
2) Establish the levels of competition;
3) Work out how much time/budget you can afford to spend;
4) Get in as early as possible;
5) Be anal about your stats;
6) Find a twist on the flat landing/product page theme
7) Revise your methods;
8) Expand on your theme.

They're my top eight tips. But I'm sure there should be more.