I think the problem Project Wonderful has is that they suffer from poor quality ads (no big company uses them) and poor quality publishers (no big numbers see them)

In my mind they're the "I can't afford Adsense" ad company, their website interface feeds into that too.

Really? To me they read as ads that are more concerned with keeping the interests of the users of the website in mind.

Also, the pricing system seems quite nice, a continuous second-price auction.

It all seems very "fair".