I can't really answer the question from a past tense till now in terms of volume, but I still get quite a few valid sign ups per day. Things have definitely changed, and it comes down to running free sites and TGP's from when I was running an Non-nude site with some friends a few years back. It all boils down to now: 'If you want to play, you have to pay'. Invest some extra $ into a couple traffic sources to get a good flow, then work on good trades. Then keep on the trades ensure you're getting quality back.
The hours that need to go into these projects as well have gone up and up over the years. Gone are the 10-12hr days and hello to the 16hr+. I think that, above all else is what may scare some new free site affiliates away. Also, I think that fact keeps many off the boards as well. You can't really spend the time necessary to go through many of the boards looking for new opportunities and maintain your site(s) unless you got a caffeine line going directly into your blood stream.
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