I’ve used it. I’ve seen it work, and I enjoyed being able to steal a little traffic from some (probably a DP’r) dumb marketers that didn’t remove the Javascript.

And yes your points are all valid. If you don’t think the product is right for you, go back to making money.

1. The cloaking won’t realistically work.
A lot of people have dynamic IPs, there’s no way you could acquire a list of all affiliate IPs and affiliate marketers are retarded – if someone really want to view a competitors LP they will use a proxy or VPN. 150k IPs isn’t much at all, and you could easy be redirecting the dumb marketers wife with the credit card in her hand. What’s worse is Adwords reviewers might get added to the IP list, the display url will be wrong and you’ll get your accounts banned for cloaking.

2. The Monitoring? Is he fucking serious?
Any decent host offers this for free, and if they don’t there are free tools out there.

3. Stealing back your traffic?! Yeah right.
What sort of down-syndrome affiliate wouldn’t remove the Java on your original LP? Any affiliate who actually makes money will notice and remove it. Not to mention 80% of people who steal LP’s will just design something similar without viewing the source code.

Just my $0.02.