PayPerPost has sort of become a staple among the advertising community.  The thing that I see most from bloggers is complaints on how little advertisers actually know about how to do things right though… granted most of them are complaining about PR or PageRank.  Most of them are complaining because they want to make more money though… not because they could actually help the advertiser more.  It is true that PageRank holds little value, especially on a blog where the main page has PR and the hundreds of entries hold no value what-so-ever.

The first thing that I would advise right off the bat is to stop looking for page rank on sites.  Sure it does help in finding sites that are indexed by Google, so maybe PR1 (but only if you’re paying $7.50 or more) even at that I’ve got this site and some others that have 0 PR but are very well indexed by Google… got slapped with the paid posting bug on this one.  Find sites with good traffic, it will do you better in the long run.  Start with a minimum of 7 for RealRank (gets you at least 1,000 visitors to the blog per month).

Be nice to your bloggers!  At the very minimum I suggest submitting every entry done for you to StumbleUpon.com this gives you more exposure to your ad, and also helps the blogger out.  If you REALLY absolutely positively want to get the most out of your ad dollars submit each blog entry (or at least the best three) to all of the following sites:

Digg.com
Mixx.com
Technorati.com
Del.icio.us
Propeller.com
StumbleUpon.com
Reddit.com
Fark.com
Newsvine.com
Slashdot.org

This will give you maximum ad exposure, and help the blogger out by both A) increasing link quality to that particular post, and B) increasing traffic to their site.  It will also make the link quality that you paid for go up as this persons post will have higher link quality than just being burried on their blog somewhere.  You paid for it, why fall short on the dollars you’ve spent?