My very minimal experience with Bonded Sender is that the people who contract directly are mostly fairly legit. The people who contract through the clever guilt-sharing arrangement at constant contact are spammers.
Be aware though that MANY spammers forge bonded sender tags. If you have one of the older methods of checking bonded sender, it is very probable that a lot of your failures are forgeries that the newer bonded sender methods should correctly detect. I would not go so far as to say bonded sender is crap. I would however say that it is of fairly minimal usefulness in detecting whether a message is spam. The SURBL list, for instance, is far, far, better. Loren