I just got accepted today and I will share with you my experiences.
I had a wordpress blog, and I put up about 5 posts. I hid the posting date, so maxbounty can't see that all the posts were put up on the same date.
I used a professional template, put up a fake feedburner count, and some other professional bullshit.
I then used a free domain website to redirect to my wordpress blog, so it looked like I had my own domain.
Maxbounty called, and the only real question I was asked was:
how do you promote your offers? my answer: PPC
is that the only way you promote your offers? my answer: yes
then my AM just kept babbling about different offers that I could possibly promote. I was just like "yeah" and "alright" and "uh-huh."
Then my AM said my approval message got e-mailed.

Pretty easy to get in if you ask me.
Just set up a professional looking wordpress blog, put some several posts but hide the posting date, and use a URL redirecting website so they can't see the "wordpress" in the domain.
my $0.02