Some other things to think about.
Although it would not change the reserve requirements, frequency of payouts do matter a bit too. Once an hour vs once a day vs once a week etc.
i.e how much the pool could wind up owing you if they go broke. If I don't trust you and I only get paid once a week, I'm gone....
Cash / fiat reserves. If I want to start a pool to dominate the mining world and I have a big enough bank account I can do just about anything I want. 105% pay out, no big deal if I don't mind taking a bath buying BTC on the open market. Think venture capitalists throwing money into it.
Using the theory of a 10,000 ph paying 415.00 BTC a day at the price of $4k a BTC that is $1,660,000 (using round numbers here for BTC now at $3800 and a 105% payout)
So if the pool *never* finds a block in 30 days and I get $50 million USD of venture capital I can still run for a month. How many pools would I kill in the process who saw their hash rate drop to 0.
Just my thoughts.
-Dave
This is the best reason not to mine on a pps pool that is over paying. Better then Phil or Kano