What I'm unable to figure out, and nobody gets what I'm asking, is if blocks are discovered by the pool without me finding a share during that "round", since as far as p2pool is concerned I didn't do anything. Do I just lose out in the long run, or does it somehow magically average out over the course of a month I'll get comparable payouts from a centralized pool in the long run?
Yes, it evens out in the long-run. While you may not get paid for every block found, there will be times when you get over-paid. I myself (with 10GHash/s) just went about a month with no pay-outs. This past week, I was paid 7.36311mBTC (including a donation due to the Ghash.io situation).
Also frustrating is when you find a share, but the pool does not find a block within 3 days
