I have been following and making money off of these newsletters also. This is not to say that I haven't lost money on any of them, but I have made much more than I have lost in the long run. I use my own research along with their picks to make my moves.
The main one that I used was awesomepennystocks.com. Now that they have been shut down, does anyone know where all of their followers went? Or does anyone know of another site with a comparable track record?