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Stumbleupon – Lots of traffic but how good is it?

I have been using stumbleupon for a while now and have seen huge traffic spikes however the traffic does not seem to convert very well.
A couple of weeks ago I noticed a one day spike of about 1000 unique visitors from stumble however my earnings for that day were pretty much unchanged. This was while trying a stumble exchange.
There are several potential reasons a few of which are:

    No one liked my site
    The stumblers are imune to ads
    The stumblers were stumbling through sites too fast to actually “visit”
    The stumble exchange I joined was a waste of time
    Getting stumbled is not worth the effort

I was stumbling more to test than anything else so to give stumble a fair shake I compared my pre stumbe exchange stumbles and revenue increase against the traffic I received while being the member of an exchange.
What I noticed was that there was a definite increase in revenue when I was receiving stumbles the old fashioned way aka the way stumbleupon intended their site to work. Conversely the the stumble exchange traffic althouh pretty big in terms of unique visitors was simply using up bandwidth.

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