I've been part of the EPN since early 2009. The pay scale has changed a bit and become a little bit more complex, but it's still essentially the same for 90% of those using the program.
For the most part, if someone clicks through from your site to ebay, if that person purchases anyting via the "Buy It Now Option" you get 50% of whatever the total ebay fees are. It doesn't have to be related to what is on your website. So if you had a site related to Dog Training and someone clicked through to ebay on Monday to check out some dog training videos but didn't buy them and then went back to ebay directly on Wednesday and purchased a set of dumbbells, you'd still get credit for it. If the ebay listing, upgrade, and selling fees for the dumbbells totaled out at $5.00 then you'd get $2.50 of that in commission.
You get paid the same rate if someone wins an auction item.
A lot of the money gleaned from that program, however, is from new member sign-ups. They used to pay $25.00 flat for new members but now it's a complicated "proprietary" system that weeds out the spammers but if you run a regular site it averages out to about $25.00 per sign-up today still. If someone signs up and places a bid on an item after clicking through from your site, you STILL get the bonus even if that person doesn't win the auction! Pretty cool.
As to getting the content up on your blog, EPN has tools built in on their site where you can construct widgets which you can put on your blog on a one-by-one basis. I use Wordpress for my sites so I don't do that too much, instead I uses the phpBay plugin. It's less than $100 and it works very, very well.
Payment from EPN shows up in my PayPal account every month between the 24th and 26th.