I received the ebook from shadowyad, so here's a review.
I sent him the money shortly after reading the thread. Unfortunately I'm not from the US, so he refunded the money. A few days later, he said there's an identical program that allows non US signups, so I paid him again and received the ebook not very long after making the payment.
The OP's posts sparkled my interest. I already know about these "get paid to read/signup/..." programs and wanted to know what his special twist was all about. After reading the ebook, I can say it's not that special. It has nothing to do with blackhat, although one can combine it with a little creativity and some of the BH tools available.
It gives some suggestions how you can promote a "get paid to ..." site on forums. The funny thing is that it basically suggests doing exactly what the thread starter is doing here. Too bad it's nothing new (at least not for me). It is definitely possible to make some extra money with this, that's for sure. $500/month is hard, but possible. Also, I think it will be very hard to do this month after month after month.
The good thing is that the posts is very helpful and open for suggestions and questions.
PS: It is not true that he asks for more money after transferring the $5, but he will make extra money if you follow his method (because of the referral).