For me I think that it all depends on the type of site it is. If it's a site that has a certain fan appeal, like an amateur's site, then partnership is probably the best way to go because you can usually count on a longer retention, and in the long run that would equate to more money.
It it were a generalized hardcore site, or maybe even a niche site which also gained you access to a general member's area, then a per signup situation might be better. Then again, you'd have to test things out with your own traffic to see what works best.
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