This is a good site, although I strongly disagree with the observations on the Cobra tap. He argues that it is useless when trying to dispense at serviing pressures (like 12PSI) unless you want glasses of foam. It is also implied that the amount of tubing needed to add the proper balance on the picnic tap is excessive.
At 12PSI, using regular beverage tubing (3/8" ID, IIRC), you have a resistance of about 2psi/ft, meaning you need around 6 to 8 feet of beverage line between the keg and the cobra tap to balance the pressure and avoid glasses of foam. This is not a lot of tubing, and tens of thousands of us have setups just like this with ZERO problems.