im your first miner. im only running 12.2 mhash/s right now though

but hey, lookin forward to seeing the payout, even though itll be none for me right now, no?
Hey glad to have you with the pool! At 12.2 mh/s you won't be making a lot at any pool, it will take time before you get any substantial spendable amount. Within 24 hours, granted you have solved a share in the pool (not in your mining client) you will, yes, get paid out.
Any other questions, please let me know!

At 12.2Mh/s, I'd imagine there's a fairly reasonable chance of not solving a P2Pool share at all in a day, no?

Maybe 1 share on a lucky day. It's all about just waiting and mining at that rate, of course it's not worth it to run the electricity to mine that small amount, but hey, some people do enjoy just mining for the hell of it. You -WILL- get paid eventually IgpayAtinLay, it just may not be every day. The current scripting is set to sendmoney every 24 hours to those who have accumulated a proper share hold. It's just mathematics in the end, the lower the mh/s the longer it will take to potentially solve a share/block. On the reverse side, to my knowledge, the higher the hash rate, also the higher difficulty, but then higher reward.