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I have had a lot of trouble with my affiliate marketing since the Google Panda Update. A lot of pages dropped down in rankings after that and many have never come back.
Basically any page that had too many links to a sales page (like a clickbank page) or even a website with too many pages with too many links, got penalized by google.
What I have been doing is limiting it to one link per article or post and in the case of a webiste I try to promote fewer total types of items and n multiple posts I will link to a product review page within the website that then links to the sales page.
It has worked on all but one site which is still penalized by google.
Mark
It is a nice sharing of an article whereby they teach you how to monetized or earn money only using different types of marketing.