Interesting post Hypnotik. I could go on for hours on this one but I’ll keep my observations short 
I believe bonuses have a place, but converting players is more about “managing expectations”. If you base your description of the casino on the bonus amount or give it emphasis, expect to attract the freebie hunters. They will read the T&C’s at the casino first and usually base their decision on the wagering requirements and restrictions. So 9 times out of 10, you get a clickthru but the casino’s terms put them off. However, if you tell them on your site about the wagering requirement aswell and they go there knowing what to expect, they will be more likely to convert.
If you give the bonus less priority on your site and concentrate the reviews on other aspects like support, banking etc, you are more likely to attract the more serious player IMHO. As long as your information is correct and thus “manages their expectations” ready for when they click thru.
Cheers
Simmo!