We're kind of weird because we use all of them. We see them as a way to get customers who normally might not stumble across our website, and then convert them into direct-bookers on future stays. Some of our philosophies and thoughts on individual OTAs:
Pricing - Never sell on the OTA for less than you do on your website. You're supposed to offer your best rate to them, but most property management systems (ResNexus, Think, etc) have a mechanism for you to add an extra percentage or $ amount to the OTA.
Information - These people are prospects. Get every piece of information you can from them, either before they arrive or at check-in. Get them on your newsletter mailing list. Make sure they only use an OTA once to visit you.
Exped - The most complicated of the OTAs to deal with. They have their own platform (ExpediaPartnerDirect) for you to manage your listing with, and you can get lost on it for days. You need to keep an eye on them, because sometimes you'll see your rate discounted without your knowledge and you have to be a sleuth to figure out why and fix it.
Book - Popular with foreign travels. We're right on the Canadian border, so we get lots of Canadian guests through this OTA. As you noted, they have a reputation for fake/cancelled reservations. They actually encourage this on their website and marketing materials. Set an aggressive cancellation policy and demand 100% payment up front. You'll get less bookings from them, but they'll all be good.
Air- Aside from the issue of competing with non-licensed neighbors, this is the cheapest in terms of commission. You need to be on this site. That said, you'll get far fewer bookings than you think, because the majority of customers are seeking the lowest price. If you're a low-price provider, you'll do great.
VRBO- Most visitors for this site are seeking whole-house rentals. If you have cabins or large suites this is a good fit.
BedandBreakfast.com - Used to be a good listing site. Now just a branch of Expedia.
TripAdvisor - We've had good success with their TripConnect program, where you pay only for those who click through to your website's booking page. I'd say try it for a few months and see. You can always cancel. Helps your presence on their search page despite what they say.
Cloudbeds (MyAllocator)
has a good article on their blog on selecting which OTAs you should partner with, if any. Take into account their business is integrating OTAs with B&Bs, so they may have a bias to encourage it.