BLOGVERTISE is one of those genuine sites that actually pay bloggers for their posts. You can sign up here. Basically, this is how it works: You add a blog and they would look for advertisers who would pay for you to write something about their product. However, the page rank is a huge basis for assignments as well as the pricing for each post. A blog with no page rank would less likely to receive assignments than a blog with Page rank 3 and above.
A 'grab bag' will appear on your blog list. It contains a list of all the opportunities you can take. You may only take ONE opportunity per day. Since May 2008, I've started getting assignments on a regular basis. It helps to work on getting more hits and also writing good quality content on your blog.Once you grab a task, you are given a specific amount of time to work on it. You can write about anything as long as it's 2-3 paragraphs long, you mention the required link words, unless the advertiser requires you to do something else. The instructions will always be emailed to you once a task is grabbed.
They pay after 30 days from the time the post is approved. This is to ensure that the post is not removed by the blogger.
Here's a screenshot of a payment they've sent me:
