It was running before there was court precedent that made it risky to link to movies hosted on sites like YouTube and Dailymotion. The shutdown was part of a strategic business decision.
I made money from it initially using Adwords. I remember my first month running it, only made about $400. They decided not to allow sites that linked to copyright videos, so I had to find alternatives, which turned out to be great.
I mostly used Clickbank and (briefly) Zango. I'm currently part of Clickbank's APEX program which is their super affiliate program for top earners.