I was an affiliate for Dengee about a month ago and then stopped promoting. Looks like they had some server crash (good thing I didn't earn anything this month =D). They are legit though, i've been paid before.
As compensation for losing all their affiliate data they are offering 2x payout to...
bit.ly sometimes leaks the referrer, but not always. Either way, I would recommend cloaking it with your own domain. Bit.ly has taken down my links a few times and cost me lots of money in lost traffic.
I think it's a little more complicated than simply dividing by the number of outgoing links. But yes, the more outgoing links the less link juice each individual link will get.
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