Very interesting. Can you expand on that? I actually got out of the CPA industry around April 2012, when it stilled seemed to go well (though not as well as in the days of ringtone offers / acai and so forth)
But I primarily did email submit offers, they would convert as soon as someone put in their email so we would usually get conversion rates of 30-60% which was pretty dang good.
But yea acai/ringtone got wiped out when the FTC stepped in over all the 'legitimate' reviews and credit card companies got strict on rebilling (which was the only reason they made money).
The whole industry is struggling though, most people are now trying to make money from selling SEO services or reselling Facebook Fans and Youtube Views (which Google nuked the other day).