The death of adsense books did not get the buzz for nothing. CPA (cost per action) programme has regains its attention (from both media, and the webmasters) once again in this year.
What I did not like about those ebooks that boasted about CPA, are some misguidance and over-exaggeration. They claimed (or guaranteed) the webmasters can earn way more using CPA programme than adsense.
As a webmaster myself, I applied for Azoogleads a month ago(which claims to be the highest payout CPA network), and give it a try. Here's my thought:
1) CPA only works well with well targeted traffic
In another words, CPA only outweighed Adsense (or other contextual ads , or CPM) with a very well targeted traffic. Else, it rarely converts. That's why running a well-executed PPC (pay per click) campaign with CPA is a best way to maximize the revenue from CPA.
2) There's no easy buck
When you look at the list of offers by CPA networks, you will be amazed from the payout rates. Some program pays ranging from $10 per action, to a wooping $100+ per action.
Looking deeper, most program that offers $10 and above, requires the user to perform a more difficult action, such as: completing a mailing address form and enter the credit card details. A simpler action on the other side, such as, email submission only, or ZIP code submission only, will only pays something from $1.50 to $3.
3) No Quality Control Of Program
You probably heard of adsense arbitrager, but with the rise of CPA program, now there's CPA arbitrager. For example, the most popular 'free ipod' CPA offer, which needs the user to complete a form, and another 2-3 similar offer (such as free PS3, or free Wii), at the another similar offer page, it needs another similar action from the user again. This sends the user into a 'merry-go-round' or in this context, 'chasing a free ipod that never existed'.
Not so good experience to your site's visitors I think

And many CPA program are like that, sending your visitors for a goose chase.
Aside from what I stated above, I still running CPA and earned around US$140+ in a week (by using PPC campaign and 'made-for-CPA' sites). And I can tell you there's a lot more 'science and technique' on implementing CPA than just plain Google Adsense.
What about your thoughts and experience about the CPA?
Share and discuss.