BannerSpace is one of the very few smaller networks which has a decent inventory of CPM ads that pay out in the double digits (of cents). Their only format is the 468x60 banner, but the code sometimes also invokes a popunder ad (of the standard Netflip, Classmates, etc. variety). Some of the banners are also CPC ads. While some campaigns list the availability of skyscraper ads, there is seemingly no place to grab the code that would display these.
Their rates are comparable to the low end of what Fastclick offers:
25 - 75 cent CPM, 10 - 15 cent CPC and $1.30 - $2.00 per 1,000 popunders.
Without the popunders, the ads generally come out to an effective CPM a little under 30 cents, which makes it a very good default program for one of the bigger networks.
As you cannot control when a pop will get displayed, and can generally get a higher rate for pops, we recommend disabling the popunder programs altogether. Unfortunately there's not a good way to do that: you will have to "opt out" of every popunder program separately, and visit the site on a regular basis to check if any new ones had appeared to opt out of them as well. (This is inexplicably done from the "Reports" section under the "Active Advertisers" report.)
Note that while "opting out" of a particular ad is easy, you cannot turn it back on without contacting support.
Even though statistical reports (updated daily) feature a column for referral earnings, we were notified by the support staff that there is no referral program at this time (or in planning).
These little interface deficiencies are present throughout the admin interface, which seems to have been put together in pieces rather than having been conceived and designed from scratch. (You will not even be able to log in to the site with a Mozilla-based browser because of the non-standard Javascript that powers the login form.)
BannerSpace pays out monthly as long as your balance is over $100, or every quarter if you have earned at least $20.
One issue that may be problematic for some publishers is the requirement that at least 80% of the traffic you send them be US based. They seem to actively enforce this: last month we received an email saying we had 4 days to get rid of our forein traffic or have our account closed. If your visitor demographics include more than 20% foreigners, you may consider using phpAdsNew, the latest version of which supports geo-targeting. Having installed it, and directed the Bannerspace ads to only be shown to US visitors, we have had the statistics reflect 100% US demographics ever since.
In all a very viable program if you turn off the popunders and rotate their banners as defaults for a higher paying network such as Fastclick.